Insurepay ™, a platform for administering workplace accidents and billing insurance premiums
for insurers and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), today announced that the new Ready for guide wire the validated accelerator is now available to PolicyCenter users on Guidewire Marketplace.
The cloud-based Insurepay platform uses real-time payroll data to calculate, collect and remit workers’ compensation insurance premiums for each payroll cycle. Because the bonuses are
Calculated using exact salaries instead of estimates with Insurepay, companies can make more accurate bonus payments every pay cycle, improving cash flow and reducing audit surprises.
With more accurate payments, insurers can see reduced operational costs associated with billing and collections and more predictable financial reporting. Insurepay has a partner network of more than 1,500 payroll service providers to ensure easy integration and use for policyholders, improving policyholder satisfaction and retention.
Insurepay’s pay-as-you-go billing integration enables insurers to:
Quickly enroll a workers’ compensation policyholder for PAYG billing at the click of a button;
Increase data and information transparency with Insurepay’s customizable portals for insurers, policyholders, payroll partners and agents; and
Improve agent and policyholder satisfaction by offering a competitive and convenient billing option.
“The variability in payroll caused by the pandemic has finally revealed the traditional model of premium billing in workers compensation as totally outdated and needlessly cumbersome,” said Adam Beck, Managing Director of Insurepay. “What insurers and policyholders are looking for is a match between exposure and premiums, which is precisely the pay-as-you-go solution. Our partnership with Guidewire allows us to integrate with our mutual customers in an efficient and transparent manner, and it limits the cost and time required for a new insurer to implement InsurePay’s pay-as-you-go solution. ‘
“We congratulate Insurepay on the release of its accelerator, now available on the Guidewire Marketplace,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Many policyholders now expect insurers to offer a pay-as-you-go billing option. Insurepay’s Guidewire integration gives insurers the power to quickly implement pay-as-you-go billing for workers ‘compensation policies without the hassle and expense of building their own solution.’
Founded by insurance industry experts who set out to create innovative solutions to transform workers’ compensation insurance billing, InsurePay® enables insurers to seamlessly offer a Pay-As billing solution. -You-Go (PayGo) for workers’ compensation policyholders. Since 2003, insurers can monitor the exact premiums of each insured for each payroll cycle – all through InsurePay’s secure and personalized portal with direct data connections to major payroll companies. Today, InsurePay processes more PayGo billings online than any other independent service company in the world. To learn more, visit www.insurepay.com or follow InsurePay on LinkedIn.
About the Guidewire PartnerConnect ecosystem and Ready for guide wire
Guidewire’s PartnerConnect solution partners provide software, technology and data solutions as well as insurance support services. Our solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, applications and more
complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for safety, quality and compatibility with Guidewire, and can be found on Guidewire Marketplace.
For more information on Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.