As an insurance carrier, you always want to stay on top of the latest and greatest innovations to offer your policyholders. And as any business owner knows, the upfront costs of insurance premiums on coverage such as workers compensation can create major cash flow problems.
Split Limit Studio's innovative TRUPAY platform makes it possible for you to offer pay-as-you-go insurance solutions for businesses of all scopes and sizes. As a result, you can enjoy happier policyholders, greater customer retention, and increased efficiency.
So, how does our TRUPAY platform work? Let us walk you through step by step.
1. With guidance from their agent, the business owner buys an insurance policy from a carrier who offers a pay-as-you-go billing option.
The carrier issues the policy the same as other policies; pay-as-you-go is treated as another bill plan.
The carrier sends the policy data to TRUPAY, typically through a web service integration. The data includes information such as:
· effective/expiration dates for coverage
the insured's name and address
client contact email address
eligible class codes
the total policy premium
2. The policyholder creates a pay-as-you-go account in TRUPAY
Once TRUPAY receives the policy information from the carrier, TRUPAY sends an email to the client contact, prompting them to complete a one-time registration. Data collected includes:
· payroll information and how the payroll will be submitted
· a list of key individuals named on the policy
Additionally, the client contact, or a designee will complete an ACH authorization form for automatic deduction of insurance premiums.
3. TRUPAY collects payroll data and calculates premium
Once the account is created, TRUPAY requests information from the policyholder’s payroll company and uses this to automatically calculate the premium amount due for the payroll period. The TRUPAY platform can even handle calculations for different employee classifications.
Every Wednesday, TRUPAY calculates premium amounts for the policyholders who submitted payroll data in the previous week. On Thursday, TRUPAY sends an email notifying the policyholder about the amount to be withdrawn from their authorized bank account.
Additionally, TRUPAY automatically implements key individual minimum and maximum payroll amounts and capping rules for all NCCI states and independent bureau states.
4. TRUPAY creates daily remit files
TRUPAY automatically generates a daily remit file which is used by the insurance carrier's finance departments to reconcile payments. This file includes information about each day's pay-as-you-go billing transactions, such as:
re-billings of failed transactions
Insurance carriers and policyholders alike enjoy that the policy information can be updated as needed throughout the life of the policy. From renewals and endorsements to reinstatements and cancellations, the TRUPAY platform makes it easy to update information and keep premium payments in sync with changes in the policy and changes in payroll. Get Started With TRUPAY Today
If you've been looking for a way to take your insurance offerings to the next level, it's time to consider offering pay-as-you-go billing to your policyholders with TRUPAY. In as little as six weeks, you could have this innovative system implemented and take your business to new heights. Contact us today to find out more about the TRUPAY platform and how it can benefit your company!