ePayPolicy

The Independent Insurance Agents and Brokers of America: BIG I Client Spotlight

The Independent Insurance Agents & Brokers of America (IIABA) improved their payment processing by partnering with ePayPolicy, which reduced reliance on slow paper checks, expedited fund receipt from up to seven days to one to two business days, eliminated common manual payment errors, and enabled faster policy binding, thereby streamlining accounting operations and enhancing overall efficiency.

Customer Spotlight

The Independent Insurance Agents & Brokers of America Executive Summary

The Independent Insurance Agents & Brokers of America is a national alliance of more than a quarter million business owners and their employees who offer all types of insurance and financial services products.

The Goals

  • Reduce paper checks
  • Streamline payment processing
  • Bind policies faster

The Results

No one understands the importance of expediency in the insurance industry quite like accounting employees. The ability to quickly track and reconcile payments effectively speeds up receivables and binds policies faster, things that typically improve an agency’s overall bottom line. For Annette Mertz, the VP of Accounting for IIABA, the biggest issue she was experiencing before signing up with ePayPolicy was timing.

"We don’t have binding authority until we receive a payment," said Mertz. "Typically it takes anywhere between three to seven days to get a paper check in the mail, which creates issues when you’re trying to bind quickly."

After IIABA signed up with ePayPolicy, a lot of those issues faded. Not only do ePayPolicy customers like IIABA receive their funds in one to two business days (up to three times as fast as a paper check), they can rest easy knowing their payment is being routed to the correct place.

“ePayPolicy is one of those products that is so easy you expect it to be more complicated but it’s not. You have to pinch yourself to realize there’s really a product like this.” – Annette Mertz, VP of Accounting, IIABA

There are a lot of potential errors with manually sending in a payment, for instance, sending a check to the wrong address or issuing it to the wrong person. “These things are eliminated now that we use ePayPolicy,” said Mertz. The ease of using ePayPolicy is one of the payment processor’s biggest draws. By focusing strictly on the insurance space, ePayPolicy is able to keep its product and services incredibly simple and straightforward. And for insurance professionals like Mertz, simple is king.

“ePayPolicy makes day to day operations incredibly easy,” said Mertz. “You know right away if customers make a payment and we’re getting receivables much faster. We don’t have to wait on paper checks anymore.”

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