InsurePay Pay-as-you-go relies on real-time payroll data to calculate workers' comp premiums, resulting in more timely and accurate premium payments throughout the policy period.
NASHVILLE, Tenn., Dec. 14, 2023 /PRNewswire-PRWeb/ -- InsurePay®, an end-to-end Insuretech payment platform for Carriers, Agents, and MGAs welcomes Missouri Employers Mutual (MEM) as a new customer to InsurePay's Carrier Platform. MEM is the leading provider of workers' compensation insurance in Missouri.
InsurePay Pay-as-you-go will enhance MEM's policyholder user experience by allowing a streamlined payment process for businesses by relying on real-time payroll data to calculate workers' comp premiums. Additionally, MEM is gaining the ability to quickly add new payroll partners in as little as 24-48 hours with InsurePay's Premier Payroll solution.
"We are always looking to create a simpler, more convenient experience for business owners," said Kevin Miller, Vice President and Chief Operating Officer at MEM. "Now, the customer can automate their payroll data and payments in real-time through MEM Pay-as-You-Go. It streamlines the process between the customer, agent, and carrier."
Compared to an estimated annual payroll amount, InsurePay Pay-as-you-go relies on real-time payroll data to calculate workers' comp premiums, resulting in more timely and accurate premium payments throughout the policy period. This helps prevent a policyholder from overpaying during the year -- or owing an additional unexpected premium due at the end of the term. Pay-as-you-go helps with cash flow for the policyholder, providing accurate payments throughout the year rather than a large estimated upfront payment.
Agents benefit from InsurePay Pay-as-you-go by being empowered to offer a more flexible solution to their policyholders while being able to leverage the platform's agent portal to better support their customers.
"We look forward to the value InsurePay will bring MEM through an enhanced policyholder experience, access to 2000+ payroll connections, and the ability to offer flexible payment options to their customers," said Scott Van Slyck, CRO at InsurePay.
MEM Pay-as-You-Go is available for all MEM and Previsor policies, regardless of whether they utilize an automated payroll provider or self-report.
About MEM
MEM provides work comp insurance to companies of all sizes. Across Missouri, employers turn to MEM for our personalized approach and comprehensive safety programs. We protect employees, save lives and help organizations move forward with confidence. Learn more at www.mem-ins.com.
About InsurePay
InsurePay® is a leading Insuretech SaaS platform that enables the accuracy of premiums, integrated payments, and reconciliations in real time for Agencies, Carriers, MGAs, and insurance technology providers. InsurePay® is empowering Carriers and their partners to allow policyholders to pay only for what they need with real-time system and data-driven accuracy and flexibility, through a feature-rich platform that offers policyholder payments, Carrier PayGo and payables, vendor payables, and claims payments and Agency receivables all integrated to back-office core systems. To learn more, visit www.insurepay.com or follow the company on LinkedIn.
Media Contact:
Rebekah Naramore
972.365.1991
Media Contact
Rebekah Naramore, InsurePay, 1 9723651991, [email protected], www.insurepay.com
SOURCE InsurePay
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