Scheduled to launch in the summer, Applied Pay is set to help agents reduce the amount of technology they use in their agencies.
Late last week, Applied Systems announced the launch of Applied Pay, a new digital payment solution built specifically for insurance that can be directly integrated into agency technologies and daily workflows. Scheduled to launch in summer 2022, Applied Pay is set to help agents reduce the amount of technology they use by integrating payments directly into their agency management system (AMS), cutting expenses and increasing operational efficiency.
“Agents' typical accounts receivable process is extremely labor intensive, requiring extra time and manual administrative tasks that creates arduous overhead while exposing the business to potential errors and liability," said Allan Lacoste, chief payments officer, Applied Systems. “In our commitment to solving our customers pain points and extending innovative value of agencies core technologies, we are excited to launch Applied Pay and provide an integrated, simple digital payments experience for the industry."
Applied Pay can be integrated into Applied's suite of agency management systems and self-service portals including Applied Epic, Applied CSR24 and EZLynx Client Center. The program will automate payment collection, processing and reconciliation. It provides branded checkout pages where policyholders can pay for premiums via text link, credit card, ACH, digital wallet or other payment methods.
It also automatically handles payment authorization and tokenizes sensitive information to increase security and ensure compliance. The solution also integrates into the general ledger to reconcile accounts receivable, reducing manual effort and improving accuracy and timeliness to reconcile payments.
“As a fully automated workflow that delivers a simpler payments process for both agents and insureds, Applied Pay provides agents with the opportunity to differentiate their business and increase profits more quickly and securely," Lacoste said.
Olivia Overman is IA content editor.