Insurance Payments Platform ePayPolicy Adds Quoting and Invoicing Tool

Insurance payments platform ePayPolicy has added a quoting and invoicing tool.

Designed for insurance companies and their customers, the new Quotes and Invoices leads insured payers from quote, to invoice, to online payment, the company said in a Wednesday (Jan. 15) press release.

“When done efficiently, policies can bind faster, allowing agencies to spend more time on account servicing and new business development,” the release said.

With Quotes and Invoices, insurance organizations can generate customer quotes from the ePayPolicy Dashboard, email quotes with direct links to a payment page and, when applicable, and add a financing option with their existing premium financing company (PFC) partners, according to the release.

The tool also provides a historical and searchable database of previously sent invoices, per the release.

This new offering presents an alternative to the multiple disconnected technology tools or generic accounting services used by many insurance organizations, the release said.

“Countless agencies have done what most growing companies do — add piecemeal technology as the need arises,” ePayPolicy Chief Product Officer Josh Peterson said in the release. “They often keep using those tools even when they know it’s causing extra work, for lack of options.”

In an earlier addition to its offerings, ePayPolicy teamed up with Agile Premium Finance in May to offer insurance industry clients checkout financing options.

In this partnership, ePayPolicy’s Finance Connect feature enables Agile to offer its customers convenient online financing enrollment and premium payment solutions.

“Finance Connect enables Agile customers to apply for premium financing — including e-signed premium finance agreements (PFA) — in a single, online session, utilizing secure connections to the customer’s systems and popular industry management systems,” the companies said at the time in a press release.

In April 2023, ePayPolicy added a payables reconciliation automation tool called Payables Connect to its product suite, saying it leverages the company’s existing integrations and machine learning technology to automate the reconciliation, creation and payment of due payables.

In another development in this space, Vitesse said in May that it completed a $93 million Series C funding round aimed at growing its treasury and payment solutions for the insurance industry.