Applied Pay Integrates with Leading Premium Financing Companies to Deliver Advanced Financing Options at Checkout

September 10, 2024

Unique at-checkout payment workflow transforms how agents and insureds underwrite and secure premium financing

Chicago, IL. – September 10, 2024 – Applied Systems^® today announced the integration of premium finance within Applied Pay^®, the industry’s only AMS-native payments solution. Integrations with the top three premium finance companies, including AFCO Direct, FIRST Insurance Funding and Imperial PFS, enable insured customers to solicit financing and sign financing agreements with immediate approvals and upfront terms while paying premiums online. An insured-led workflow for premium financing with no agent intervention on loans up to $100k reduces complexity and time for all stakeholders while delivering insured customers more control over their payment options.

Along with a simple insured payment experience, agents can expect an increase in funded premiums as high as 40% with at-payment financing as opposed to the typical 10-15% with traditional methods. Additionally, at-payment financing reduces the traditional premium collection period of 20 days to less than five days to turnover receivables.

Applied Pay and its premium financing integrations provide a core set of capabilities, including:

• At-Payment Financing: Insureds can review and e-sign financing agreements and make initial down payments without leaving the Applied Pay checkout page, decreasing the need for multiple rounds of conversation and document iterations while giving insureds greater control of their payment options.
• Flexible Financing with Invoice Consolidation: Insureds can solicit financing on a single large premium or multiple combined invoices to fit their financial needs.
• Funding Activity Communications: When financing is secured, funded status information is automatically distributed to all stakeholders, keeping the agent, insured, and premium finance company updated without manual intervention.​ 
• Auto-Apply Payment Credits to Management System Debits: Deep integration between Applied Pay, Applied Epic^®, and each premium finance company facilitates the seamless application of premium payment to the correct transactions on the insured's account in Applied Epic, saving agents time and reducing errors that come with manual reconciliation.
  
  Applied Pay enables independent agents to provide their clients a secure, simple way to pay premiums online. Directly integrated into Applied Epic, Applied CSR24^®, and EZLynx Client Center™, Applied Pay is engineered to provide best-in-class features and automation throughout each phase of the payment journey. Integrated premium financing supports a fully insured-led flow with no agent intervention on loans up to $100k, giving insured customers more control over their payments. From collection through to disbursement, Applied Pay provides agencies and their insured customers with an optimal payment experience from start to finish.
  
  “While digital capabilities around premium financing have dramatically improved over the last 10 years, adoption of agency bill financing has remained flat due to the multiple handoffs and clunky manual processes between the insured, agency, AMS, and premium finance provider, which costs all stakeholders time, E&O risk, and poor experiences,” said Chase Petrey, president of Applied Pay, Applied Systems. “The new integrated premium financing capabilities within Applied Pay, made possible by our close partnerships with the top three premium finance companies, eliminates the back-and-forth exchanges between all parties and gives customers the power to secure financing, delivering a client experience that will foster loyalty while driving growth to agents’ top line and bottom line.”

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About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.