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Elevate Your Workers’ Compensation Strategy with InsurePay & Duck Creek

November 7, 2023

Despite its data-rich nature, the insurance industry often struggles with data visibility, particularly in the realm of workers’ compensation insurance. This lack of insight during the policy term has been a longstanding barrier to enhancing the customer experience and reducing operational costs for insurers.

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The Power of InsurePay’s Pay-As-You-Go Billing in Workers’ Compensation Insurance

InsurePay’s approach to workers’ compensation insurance leverages the power of real-time payroll data to automatically calculate premiums based on a policyholder’s actual insurance usage. This innovative, pay-as-you-go billing system is a stark departure from traditional billing methods that necessitate large, upfront payments based on estimated payroll, followed by annual audits.

Unprecedented Data Visibility & Real-Time Premium Calculation

At the heart of InsurePay’s innovative approach to workers’ compensation insurance is the power of pay-as-you-go billing, which leverages real-time payroll data from nearly 2000 payroll providers such as ADP, Intuit, and Paychex.

Advances in technology, integrations, and the ability to share data now enable carriers to provide customers with an alternative to traditional Workers’ Compensation billing.  By automating manual processes and removing guesswork, InsurePay’s approach can benefit insurers via:

  • Increasing policyholder retention by up to 10%
  • Lowering audit costs by up to 50%
  • Reducing bad debt (uncollectable premiums) by up to 75%

See Also: Download our joint whitepaper with InsurePay to learn more about how workers’ comp carriers are unlocking the power of pay-as-you-go billing to increase customer acquisition and retention while reducing operational costs.

InsurePay Reconciliation: Streamlining Back-Office Operations

With its proprietary reconciliation platform, InsurePay is transforming how carriers and agencies handle payments and commissions. By facilitating the seamless movement of policyholder & payment data between agents/brokers, carriers, and policyholders, InsurePay’s customers experience a fully digital distribution of premiums and commission payments, paid accurately and on time. This eliminates the need to manually review remittance data, driving tremendous efficiency for finance teams.

Harness the Power of Automation with InsurePay Reconciliation

The benefits of InsurePay Reconciliation extend far beyond simplifying the payment process. By digitizing the reconciliation workflow, InsurePay drastically reduces the risk of human error, boosts productivity, and enables the finance team to focus on more strategic tasks. 

Furthermore, InsurePay Reconciliation improves cash flow by automatically flagging discrepancies that require human intervention and reducing operational expenses by eliminating paper checks.  The end result is a more efficient, reliable, and scalable reconciliation process that positions carriers, MGAs, and agencies for sustained growth.

See Also: Download our joint whitepaper with InsurePay to learn more about how InsurePay is positioning carriers, MGAs, and agencies for growth by augmenting accounting & finance teams.

Duck Creek’s Anywhere-Enabled Integration

Given the significant benefits of InsurePay’s Pay-As-You-Go billing and reconciliation solutions, the next logical step in maximizing these advantages is to leverage technology for seamless integration. This is where Duck Creek’s Anywhere-Enabled Integration (AEI) comes into play.

Duck Creek’s AEI acts as a powerful tool that significantly enhances InsurePay’s innovative insurance solutions by synchronizing data between all parties and process automation.

Activate Pay-As-You-Go Workers Compensation in 10 Days

Duck Creek’s AEI plays a pivotal role in bolstering the effectiveness of InsurePay’s pay-as-you-go billing system, which can be set up in 7 to 10 days.

By integrating with InsurePay, Duck Creek’s AEI significantly reduces IT workload. This integration facilitates both Self-Reporting and Automatic Reporting models:

  • Self-Reporting: The policyholder manually enters payroll data through a custom-branded carrier portal.
  • Automatic Reporting: InsurePay calculates and drafts the premium owed automatically, effectively making the process touchless for both parties.

The integration of InsurePay with Duck Creek’s AEI for Billing and Policy improves customer retention by offering flexible billing and payment options, improves underwriting and claims decision-making with better data, and reduces operational expenses by automating manual processes.

See Also: Unlock the potential of seamless Pay-as-you-go billing with Duck Creek’s Anywhere Enabled Integration (AEI) paired with InsurePay.

Automate Your Reconciliation Workflow in 10 Days

InsurePay’s integration with Duck Creek’s AEI for Billing also offers the option to automate the reconciliation workflow, reducing IT workload by up to 80%. This means carriers and agencies can be up and running within just 10 days.

InsurePay’s reconciliation is further enhanced by Duck Creek’s AEI, offering two primary options for carriers:

  • Semi-automatic: Agencies send policyholder and payment information in a standardized format,
  • Fully automated: All data is transferred from an AMS system into the Duck Creek billing platform.

Automated confirmations and reports, as well as swift flagging of payment discrepancies, ensure seamless and accurate reconciliation, leading to faster resolution of discrepancies and improved cash flow.

See Also: Learn more about the InsurePay: Reconciliation (Billing) Integration here.

Unlock the Full Potential of Workers’ Compensation with InsurePay and Duck Creek

InsurePay is championing a revolution in the realm of workers’ compensation, delivering real-time payroll, real-time payments, and real-time reconciliation. Combined with Duck Creek accelerators, the InsurePay-Duck Creek approach provides carriers, agencies, and MGAs with a holistic solution for instantaneous premium calculation and streamlined reconciliation.

By harnessing the power of data and technology, this partnership is not just driving efficiencies and cost savings, but most importantly, it’s providing a better customer experience for policyholders.  Discover the transformative potential of InsurePay and Duck Creek for your business today.

Download our joint whitepaper with InsurePay on positioning carriers, brokers and agencies for growth by augmenting accounting and finance teams with InsurePay Reconciliation here.

You can also download our joint whitepaper with InsurePay on how workers’ comp carriers are unlocking the power of Pay-As-You-Go billing to increase customer acquisition and retention while reducing operational costs here.

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Paul Ptashnick
Freelance copywriter and fractional marketer
Paul Ptashnick has 20 + years of startup marketing experience in the P&C insurance space, including Director of Marketing roles at RiskMeter Online (acquired for $78M in 2013), CoreLogic, and Novarica (now Datos Insights). For the last 7 years, Paul has been working as a freelance copywriter and fractional marketer scaling B2B SaaS startups in InsurTech, AgeTech, and FinTech spaces. Paul holds a Bachelor of Science Degree from Northeastern University in Marketing & Entrepreneurship.