Boost Your Brokerage’s Efficiency with Digital Payments

Since 2022, there has been significant momentum in Canadian insurance brokers' adoption of digital payments. This shift has introduced native payment solutions within broker management systems, offering intuitive payment experiences for insureds and automating financial management and reconciliation for brokers.

Digital payment solutions get funds in the bank faster and with less work for your brokerage. Imagine reducing ‌back-office‌ tasks and optimizing ‌operational efficiency‌ by streamlining payments‌ with ‌pre-authorized debit‌ and ‌credit card‌ transactions. Such advancements improve workflows and ensure security and compliance with standards like the Payment Card Industry Data Security Standard (PCI DSS).

Let’s look at the rise in digital payments and modern technology transforming the process for brokers.

The Rise of Digital Payments and Why They Are the Future

The shift to ‌digital payments‌ was catalyzed during the pandemic when consumers sought the safety and convenience of ‌online payments‌. McKinsey reported that nine in 10 people started using some form of digital payments since the pandemic, underscoring the urgent need for the ‌insurance industry‌ to adapt. This shift enhances the ‌customer and ‌policyholder experience‌, offering seamless ‌payment options‌ through multiple channels.

Elevating Customer Experience and Loyalty

Implementing a digital payments platform offers extensive benefits, including improved ‌customer experience‌, effortless transaction ‌disbursements‌, and the ability to process large transactions securely. Financial institutions‌ and ‌insurance companies must stay ahead of the curve, ensuring they provide flexible payment experiences tailored to meet every need, ultimately enhancing retention and loyalty.

Modern digital payment technology allows insurance insurers to incorporate various ‌payment methods‌, including credit cards‌, ‌digital wallets‌, and pre-authorized debit payments. These methods cater to diverse, modern preferences and ensure that payments are collected efficiently, enhancing ‌cash flow‌ management.

Introducing Applied Pay

Applied Pay® is a robust payment solution that fully integrates with Applied Epic® and Applied CSR24®. It automates sending invoices to clients and updates payment records in your management system for easy tracking. With Applied Pay, you can quickly collect and manage premium payments securely. Clients are presented with various payment options, including credit cards, EFT, and Pay by Text. Applied Pay also meets PCI DSS criteria for data security, reducing risk for your brokerage.

Recent enhancements to Applied Pay include better management of chargebacks and NSFs on digital payments with an automated workflow that enables a debit transaction to be applied directly to a transaction in Applied Epic. We’ve also automated receipt reconciliation, which reduces accounting work by automatically matching Applied Pay transactions to their respective receivables in Applied Epic.

Digital Payments Is More Than a Trend

The transformation to ‌digital payments‌ is more than a trend; it's an essential ‌digital engagement‌ strategy for ‌brokerages seeking to maintain a competitive edge and deliver unmatched value to their clientele. Ready to lead this change? Read our Ditch the Desk Drawer Cheques: Why It's Time to Unlock the Power of Digital Payments eBook to learn more about how digital payments work and what factors to consider when selecting a digital payments solution for your brokerage.