ePayPolicy’s founders experienced firsthand the operational pains of check collection and manual reconciliation in insurance. This led to the company’s first product – secure, online payment pages that were fully customizable to match the insurance company’s brand. Additional capabilities – like industry-specific management system integrations, custom API connections, network payables, and more – were added as ePayPolicy’s customer base swelled above 5,500 insurance companies.
And yet, even though their client companies preferred the speed and ease of online payments, many of their largest customers openly lamented about entrenched check payments.
“As easy as online payments are, we believe you can’t ultimately tell a customer they have to pay a certain way if they just don’t want to,” said Mark Engels, CEO of ePayPolicy. “The insurance industry will eventually catch up in terms of digital payments, but we want to help our companies manage that gap in adoption now.”
Indeed, a recent study by PYMNTS.com found that check payments still account for over 50% of payments in the insurance industry, compared to 22% or less for most other industries. ePayPolicy’s customers echoed this as consistent with their experience.
“We’re really fortunate to have such a clear focus on making insurance companies’ lives easier,” said Nish Modi, chief product and technology officer. “CheckMate gives customers options without sacrificing efficiency, because it leverages the same tools we’ve come to be known for with electronic payments.”
CheckMate is the next of several planned products that Modi’s team has planned, with the goal of continuing to streamline the payments experience for the industry.
“CheckMate is a big step forward for us and our customers, but there’s more we can do to modernize and simplify how insurance companies move money,” Modi said. “We’re as motivated as ever to go beyond just electronic payments and