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Utilized Techniques has introduced the most recent replace to Utilized Pay. The brand new launch will simplify the accounting and invoice assortment course of and add verification and transaction restrict enhancements, Utilized mentioned.

Utilized Techniques touts Utilized Pay, launched in 2022, because the insurance coverage business’s solely natively built-in funds resolution. A cloud-based funds hub, Utilized Pay permits brokers and brokers to supply their shoppers with a safe, on-line technique to pay premiums.

Utilized Pay is straight built-in into Utilized Epic, Utilized CSR24 and EZLynx Consumer Heart, and gives branded checkout pages the place policyholders pays premiums via textual content hyperlink, credit score/debit card or ACH, Utilized mentioned in a information launch. Utilized Pay additionally reconciles receivables on the account degree, which may cut back handbook workflow and enhance accuracy and cut back the time wanted to reconcile funds.

Utilized Pay options launched in 2023 embody:

• Accounts receivable reconciliation: Automates the applying of credit to debits on a shoppers account as soon as a fee has been made. Accessible on Utilized Epic, Utilized CSR24, Pay Portal Hosted Fee Web page, and EZLynk workflows
• Three complimentary Utilized Epic workflows: Distinctive workflows that complement completely different enterprise fashions

  • Agent-led workflow: Permits funds to be managed from inside a shopper’s account in Utilized Epic via the Fee from Consumer display
  • Insured-led workflow: Permits shoppers to log in and make a fee from inside the Utilized CSR24 Consumer Heart
  • Unbiased workflow: Distinctive hosted fee web page hyperlink might be despatched to anybody, wherever to gather a fee

• Hosted fee web page “pay now” hyperlink: Permits insureds to pay single or a number of invoices which are open in Utilized Epic, or request a precise quantity for objects resembling third-party charges Funds might be routinely utilized to a shopper’s account, or an exercise and/or transaction might be returned for accounting functions
• Enhanced notifications: Notifications will present extra readability with refined viewers, content material and supply of e mail and batch notifications, permitting workers to make higher selections with correct data
• Insured private portal: Permits insureds to handle their fee profile, retailer most well-liked fee strategies and examine their fee historical past
• Compliance and danger monitoring: Safety and tokenization of delicate information reduces legal responsibility for brokers and handles PCI compliance
• ACH verification: Verifies a buyer’s checking account and routing particulars in actual time
• Firm-branded URL: Select the title related to the corporate’s “pay now” fee hyperlink
• Permits massive single transaction limits: Permits the processing of extra-large premiums, enabling bigger shoppers to make funds with out utilizing different banking providers

Learn subsequent: How can AI be safely built-in into an insurance coverage office?

“We developed Utilized Pay with the purpose of placing brokers within the driver’s seat of the fee journey whereas offering a contemporary checkout expertise that their internet-savvy shoppers have come to anticipate,” mentioned Chase Petrey, president of Utilized Pay. “The newest Utilized Pay improvements provide extra fee selections when accumulating and making use of premiums, making a safe, frictionless and speedy course of for each brokers and insureds.”

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