Enhancements introduced for cloud-based funds resolution
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 purchasers with a safe, on-line methodology to pay premiums.
Utilized Pay is instantly built-in into Utilized Epic, Utilized CSR24 and EZLynx Consumer Middle, and supplies branded checkout pages the place policyholders pays premiums by way of 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 might scale back guide workflow and enhance accuracy and scale back the time wanted to reconcile funds.
Utilized Pay options launched in 2023 embody:
- Accounts receivable reconciliation: Automates the appliance of credit to debits on a purchasers account as soon as a cost has been made. Obtainable 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 consumer’s account in Utilized Epic by way of the Fee from Consumer display
- Insured-led workflow: Permits purchasers to log in and make a cost from inside the Utilized CSR24 Consumer Middle
- Unbiased workflow: Distinctive hosted cost web page hyperlink could be despatched to anybody, wherever to gather a cost
- Hosted cost web page “pay now” hyperlink: Permits insureds to pay single or a number of invoices which might be open in Utilized Epic, or request an actual quantity for objects corresponding to third-party charges Funds could be routinely utilized to a consumer’s account, or an exercise and/or transaction could 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 employees to make higher selections with correct data
- Insured private portal: Permits insureds to handle their cost profile, retailer most well-liked cost strategies and think about their cost historical past
- Compliance and threat 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” cost hyperlink
- Permits giant single transaction limits: Permits the processing of extra-large premiums, enabling bigger purchasers 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 aim of placing brokers within the driver’s seat of the cost journey whereas offering a contemporary checkout expertise that their internet-savvy purchasers have come to count on,” mentioned Chase Petrey, president of Utilized Pay. “The most recent Utilized Pay improvements provide extra cost 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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