Transform Your Agency’s Digital Payment and Financial Workflows

Since 2022, there has been significant momentum in the adoption of digital payments by insurance agencies. This shift has introduced native payment solutions within agency management systems, offering intuitive payment experiences for policyholders and automating financial management and reconciliation for agencies.

Digital payment solutions get funds in the bank faster with less work for your agency. Imagine reducing ‌back-office‌ tasks and optimizing ‌operational efficiency‌ by streamlining payments‌ with real-time ‌ACH‌ and ‌credit card‌ transactions. Such advancements not only improve workflows but also ensure security and compliance with standards like ‌PCI‌.

Let’s take a look at the rise in digital payments and modern technology transforming the process for agencies.

The Rise of Digital Payments and Why They Are the Future

The shift to ‌digital payments‌ was catalyzed during the pandemic when consumers sought the safety and convenience of ‌online payments‌. McKinsey reported that nine in 10 people started using some form of digital payments since the pandemic, underscoring the urgent need for the ‌insurance industry‌ to adapt. This shift enhances both the ‌customer and ‌policyholder experience‌, offering seamless ‌payment options‌ through multiple channels.

New Advances Changing the Game

This year, Applied has made significant strides in enhancing the payment collection process, focusing on innovation and convenience. Applied Pay, our versatile digital payments platform, now delivers a comprehensive suite of payment solutions, incorporating embedded premium finance through industry-leading providers. Automated physical check acceptance, and reconciliation through integrated lockbox services will be coming soon.

Elevating Customer Satisfaction and Loyalty

Implementing a digital payments platform offers extensive benefits, including improved ‌customer satisfaction‌, effortless transaction ‌disbursements‌, and the ability to process large transactions securely. There's no denying that ‌financial institutions‌ and ‌insurance companies must stay ahead of the curve, ensuring they provide flexible payment experiences tailored to meet every need, ultimately enhancing retention and loyalty.

Modern digital payments technology allows insurance carriers to incorporate various ‌payment methods‌, including ‌debit cards‌, ‌digital wallets‌, and ACH payments. These methods cater to diverse, modern preferences and ensure that payments are collected efficiently, enhancing ‌cash flow‌ management.

Why Applied Pay?

With tools like Applied Pay®, the industry’s only AMS-native payments solution, insurance providers gain access to a fully integrated and automated end-to-end ‌payment‌s journey and simplify the premium collection process.

Digital Payments Is More Than a Trend

The transformation to ‌digital payments‌ is more than a trend; it's an essential ‌digital engagement‌ strategy for ‌insurance companies‌ seeking to maintain a competitive edge and deliver unmatched value to their clientele. Ready to lead this change? Read our Ditch the Desk Drawer Checks: Why It's Time to Unlock the Power of Digital Payments eBook to learn more about how digital payments work and what factors to consider when selecting a digital payments solution for your agency.