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 over 700 systems; 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