Mavon Makes Switch To Insurance Centric Digital Payment Processor
Mavon Insurance, a Chicago-based managing general agent, transitioned to the insurance-focused digital payment processor ePayPolicy—recommended by the Illinois Insurance Association and an Applied Solution Partner—to streamline payments, reduce expenses by passing credit card fees to payers, and overcome challenges with paper checks and less tailored InsurTech solutions, enhancing efficiency for both policyholders and agents.
Mavon Insurance is a managing general agent (MGA) based in Hinsdale, a suburb of Chicago. Mavon serves agents across the country, offering a mix of standard and specialty lines and insurance programs through esteemed carrier partners.
Accounting Manager Jennifer Riter discussed the firm’s technology journey. Mavon strives to stay current with technology, but finding solutions tailored to their needs has been challenging, as most InsurTech solutions cater to agencies rather than MGAs.
For example, Mavon had used Applied TAM® for some time, briefly switched to another system for specific MGA customization, but ultimately returned to Applied, using Epic® since 2017. Jennifer noted that the system has evolved and is increasingly accommodating for insurers and MGAs.
Paper Checks Became a Burden
A significant InsurTech issue for Jennifer was digital payment processing. She explained, “We need to cater to our policyholders and agents. They wanted it.” She also observed that mail was slowing down, affecting both accounts receivable and accounts payable. As the payables processor, Jennifer found it frustrating when payees only accepted checks, reasoning, “If paying by check is a hurdle for me, it’s a hurdle for the people paying us.”
Mavon and Digital Payment Processing
The transition to ePayPolicy began with a suggestion from Mavon’s office manager. Jennifer learned that ePayPolicy is IIA of IL’s Payment Processor of Choice and an Applied Solution Partner. After attending Applied Net and meeting ePayPolicy representatives, Mavon decided to move forward with the platform.
ePayPolicy’s pay-as-you-go monthly pricing and ease of use were key factors in the decision. The go-live process was simple and straightforward. Another major benefit was expense reduction: previously, Mavon absorbed credit card and maintenance fees on some programs. With ePayPolicy, credit card fees are passed on to the payer, resulting in substantial savings for the MGA.
Mavon customized their payment landing page with their logo and specific fields for brokers to enter. Brokers are pleased to be able to pay online. Mavon also set up ePayPolicy for their in-house finance company, GAMCO Premium Finance. Currently, ePayPolicy integrates with GAMCO’s system, allowing brokers’ insureds who choose to finance to pay directly online. Once payment information is in the ePay system, it integrates with the finance system. Jennifer looks forward to further integration with Applied Epic.
Jennifer also praised ePayPolicy’s quick response time, especially in resolving issues with rejected payments. In all cases, customer service representatives identified the problem as user, not system, error.
Overall, the biggest advantage for Mavon is offering more payment options. Jennifer is also pleased to be able to pay carriers faster.
Advice to Other MGAs and Independent Insurance Agencies
Jennifer recommends that anyone considering digital payments through ePayPolicy should “Just do it, like we did. There’s no long-term contract. You can try it and see how it works. ePay fees start at only $20 per month, $50 per month for customization—not much out of pocket to make these enhancements.” She concludes: “We were happy right from the start. After a couple of months, I bet you will be, too.”
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