Policyholders

 

Policyholders love pay-as-you-go billing because it:

  • Provides a convenient method of paying insurance premiums
  • Seamlessly integrates with their payroll system
  • Offers flexible billing options on their schedule and pay cycles
  • Improves cash flow
  • Yields predictable operating costs
  • Minimizes costly audits at the end of their policy term
  • Recalculates employee’s earned premium each pay period
  • Enhances the accuracy of billing and reduces errors
  • Streamlines insurance into their business processes
  • Increases loyalty with insurance providers
 
 

Agents

 

With TRUPAY® pay-as-you-go, agents are empowered with the ability to offer a flexible payment plan to their clients with no threat to the business relationship.  Pay-as-you-go billing directly improves retention because it eases the renewal pains and large audit costs. The three most important differences between a pay-as-you-go and a traditionally billed policy are:

  1. User convenience. TRUPAY® is user-friendly, time-saving, and easy to fit into a business’s normal financial workflow.
  2. Improved cash flow. Dividing lump sum premiums into small, regular payments means the businesses who have pay-as-you-go policies see minimal audit adjustments, and pay the right amount at the right time.
  3. Deposits Waived. Many carriers bill the premium each payroll on a by-exposure basis. Some carriers may require an upfront deposit.

 

 
 

Payroll Companies

 

It has been proven that customer retention for payroll customers whose payroll is connected to pay-as-you-go billing have as much as a 30% increase over those that do not.  Payroll companies have also seen as much as a 25 point improvement in NPS scores between customers that have workers comp pay-as-you-go and those that do not.

It’s time you provide your customers the ability to connect payroll to their workers comp insurance policy.

Join the hundreds of other payroll companies already connected to TRUPAY®.  Give your customers the benefits of pay-as-you-go insurance from their carrier and agent.  Register your company in TRUPAY® today.

Join other well-know payroll companies in providing payroll data seamlessly for workers comp billing.

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Split Limit is the only pay-as-you-go platform partnered with Intuit to provide payroll data automatically each time payroll is run.

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Split Limit has seamless integration with Wells Fargo.

Split Limit receives data from hundreds of payroll companies. Partner with Split Limit today to provide your customers the best experience in workers comp pay-as-you-go.

 
 

Carriers

 

A pay-as-you-go program for carriers:

  • Reduces costs associated with invoicing and premium audits
  • Uncovers payroll and classification discrepancies early in the lifecycle of the policy
  • Decreases audit surprises and bad debts at the end of the policy term
  • Increases retention rates by 4-5% over standard books

Insurance carriers that offer a pay-as-you-go solution for workers’ compensation gain a platform that allows them and their agents to compete with the payroll companies, brokers, and carriers that do. Some carriers have tried to counter by developing payroll based billing options in-house. These carriers often find the project is more trouble than it’s worth.

TRUPAY® technology provides carriers and their policyholders the flexibility of reporting payroll at a class code level or employee level and facilitates a seamless transition from one method to the other. The tremendous flexibility that TRUPAY® provides is one of the primary reasons carriers choose to use it.

Pay-as-you-go policies billed through TRUPAY® provide accurate and automatic premium calculation using actual payroll data.  Precise collection reduces bad debt and improves retention. Policyholders benefit from improved cash flow management and minimal audit surprises.

The TRUPAY® platform offers the following features:

  • Complete SaaS solution; hosted at Rackspace® to provide world-class security, reliability and scalability
  • Seamlessly integrates with payroll companies; automatically loading
    policy, employee and payroll information
  • Simple and flexible registration options for collecting payroll and employee classifications directly from insureds or through their payroll companies
  • An API for accepting policy information directly from the carrier’s systems
  • Rating engine for the calculation of earned premium by employee
  • Notification system to ensure policyholders are up to date with payroll information
  • Fully automated ACH process for collection of premiums
  • Escalation workflow for missing payroll files or funds
  • Online policyholder and carrier billing reports
  • Reconciliation reports for carriers