How Fast Can TRUPAY® Be Implemented?
Our implementation timeframe is always driven by the carrier’s schedule. Our fastest implementation to date is six weeks, with the average around twelve weeks for a fully automated solution. Technical implementation tasks typically require working together to determine the subset and structure of policy administration data, the structure of the policy remittance data, single sign-on security compliance, policyholder ACH and email notification language, and simple workflow rules. The most successful implementations hit the ground running by starting the marketing and internal training process concurrently with the technical implementation.
How long does it take administrators to set up policyholders?
Policyholders typically complete their setup in 5-15 minutes. Policyholder self-registration process includes account set-up, options and expectations for receipt of payroll, electronic ACH authorization, and employee / key individuals classifications and setup. Once the initial setup is completed, TRUPAY®’s exception handling workflow and email notification system ensure that the process runs smoothly.
Does the policy have to be endorsed each time a company runs its payroll?
No. There are no changes required in the way a carrier quotes, binds, issues, or endorses a policy. The estimated premium is determined at the time the policy is quoted based on the estimated exposure. This is used as the premium when the policy is issued. If the actual premium calculated and collected by TRUPAY® is different than estimated, the reconciliation is done at the end of the policy term just as it is today. This also means there is no change in the way the carrier reports stats to the bureaus and states.
How is the net rate calculated in workers’ compensation?
The net rate is calculated by applying policy modifiers (policy discounts, experience mods, etc.) to individual class rates. Each net rate is applied to applicable exposure in order to calculate earned premium each payroll.
What should a carrier do about upfront deposits?
TRUPAY® provides carriers with completely tailored payment options, including upfront escrow deposits, premium deposits, slicing of expense constants, and more. However, our most successful customers have not required upfront deposits from their policyholders.
Does TRUPAY® handle anniversary date rating and mid-term experience mod changes?
Each time the policy is endorsed, TRUPAY® evaluates the endorsement for rate changes. Any time rates change, TRUPAY® updates the rates using the effective date of the endorsement as the effective date for the new rates. TRUPAY® maintains a rate history for each policy term.
How does a carrier apply payments received with TRUPAY® and what is the impact on internal carrier billing systems?
A billing plan needs to be established in the carrier’s billing system that will allow payments anytime and suppress invoices and refunds. TRUPAY® customers have taken different approaches to accomplish this based on the billing system being used. Payments are applied in a manner consistent with the way other payments received by the carrier are handled. For example, if the carrier enters payments manually from a check register, the payments received from TRUPAY® would be entered manually. If payment processing is automated TRUPAY® will generate a file in the format the payment processing system can use. TRUPAY® generates a customized premium remittance file for each carrier to apply payments received to individual policies. In addition to the premium received, the remittance file can also contain the exposure data if required by the carrier system.