#United States #Northbrook #ePayPolicy #Insurance Funding #Premium Financing

FIRST Insurance Funding and ePayPolicy: Enhancing the Checkout Experience for Insurance

In a significant advancement for the insurance sector, FIRST Insurance Funding, a division of Lake Forest Bank & Trust Company, has integrated its services with ePayPolicy. This collaboration aims to simplify premium financing solutions, making it easier for insurance companies to manage payments at checkout.

Improved Payment Flexibility

With this integration, insurance agents and their clients will find a more flexible payment solution at their fingertips. At the point of sale, clients will see two distinct options: a pay-in-full option and a premium financing alternative. The clear side-by-side presentation allows clients to choose the option that best suits their financial needs without any complications.

For those opting for premium financing, enrolling becomes a simple process. The arrangement has been designed to ensure that clients can easily complete their premium finance applications with just a few clicks. This not only accelerates the payment process but also enhances the overall customer experience, making it efficient and user-friendly.

A Streamlined Experience

Dana French, Executive Vice President of Strategic Initiatives at FIRST, emphasized the importance of this collaboration, stating, "Our partnership on Finance Connect represents a shared goal of transforming the insurance landscape through enhanced convenience and digital solutions." The integration allows insurance agents to use their existing ePayPolicy workflows, thus increasing productivity without any interruptions to their routine operations.

Furthermore, with ePayPolicy's latest feature, clients are enabled to complete their financing in a single online session. This session includes everything from e-signing premium finance agreements to setting up automatic payments. All this is accomplished through secure connectivity to FIRST’s systems as well as integration with popular agency management systems.

Key Features of the Integration

1. Compatibility with Existing Partners: Insurance firms can continue working with their current premium finance partners, ensuring that no existing relationships are disrupted.
2. Convenient Presentation of Payment Options: The option for premium financing appears directly alongside full payment options during checkout, providing clarity to clients.
3. Simplified Enrollment Process: The streamlined enrollment process allows clients to engage with upfront, easily understandable financing terms.
4. Consolidated Documentation: The integrated solution generates comprehensive premium finance agreements, consolidating necessary documentation for hassle-free access.
5. Wide Integration: ePayPolicy's capabilities extend to more than 90% of popular agency management systems, drastically reducing the need for manual data entry.

About FIRST Insurance Funding

FIRST Insurance Funding is renowned as one of North America's leading premium finance companies, facilitating over $16 billion in loans annually. Backed by over three decades of exemplary service, FIRST has developed a reputation for delivering innovative payment solutions to the insurance industry. Their commitment to integrating with cutting-edge Insurtech firms allows them to continuously offer enhanced value to their clients.

About ePayPolicy

ePayPolicy specializes in creating user-friendly payment solutions specifically for the insurance industry. With over 7,500 satisfied insurance companies aboard, ePayPolicy’s tools are designed to modernize insurance payments. They ensure secure online transactions while providing expert customer support.

Concluding Thoughts

The collaboration between FIRST Insurance Funding and ePayPolicy marks a pivotal moment in the insurance financing landscape. By merging sophisticated technology with an understanding of clients' needs, they are paving the way for a streamlined and efficient future in insurance payments. The focus on improving user experience and operational efficiency sets a new standard in how insurance transactions are conducted, promising significant benefits not just for the agents, but for their clients as well.

This newly integrated system is expected to enhance daily operations for insurance firms, facilitating a smoother sales and payment process while prioritizing client satisfaction.