- Insurtech payment platform, InsurePay, has announced Missouri Employers Mutual (MEM) as a new customer on its pay-as-you-go carrier platform intended for workers’ compensation insurance.
- The partnership will enable MEM to leverage real-time payroll data for calculating workers’ compensation premiums, improving the policyholder user experience with more accurate and timely payments.
- InsurePay’s technology also allows MEM to expedite the addition of new payroll partners in as less as 24 to 48 hours.
InsurePay, an insurtech payment platform that services insurance carriers, agents, and MGAs, has enlisted the services of Missouri Employers Mutual (MEM) as a new client. MEM is a prominent provider of workers’ compensation insurance in Missouri. Partnering with InsurePay will allow MEM to improve policyholder user experience by using real-time payroll data to calculate workers’ compensation premiums.
Kevin Miller, MEM’s Vice President and Chief Operating Officer, stated that the collaboration would simplify business operations for owners. With the integration of the InsurePay Pay-as-you-go platform, employers would automate their payroll data and payments in real-time. This move streamlines the process between the customer, agent, and carrier, resulting in more accurate premium payments throughout the policy period.
According to InsurePay, their Pay-as-you-go model reliance on real-time payroll data for premium calculation helps prevent policyholders from overpaying during the year or owing an unexpected additional premium at the end of the term. This method helps safeguard cash flow for the policyholder, providing accurate payments throughout the year rather than a large estimated upfront payment.
Agents are set to benefit from this system as well. The platform’s agent portal empowers them to offer a more flexible solution to their policyholders and provide better support to their customers. The InsurePay system is available for all MEM and Previsor policies, whether they use an automated payroll provider or self-report.
Scott Van Slyck, CRO at InsurePay, expressed enthusiasm about the enhanced policyholder experience as a result of their collaboration with MEM. The addition of 2000+ payroll connections and the ability to offer flexible payment options holds high value to their customers.
