Insurepay™, a workers' compensation administration and insurance premium billing platform
for insurers and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), today announced that Insurepay’s new Ready for Guidewire validated accelerator is now available to PolicyCenter users in the Guidewire Marketplace.
The cloud-based Insurepay platform uses real-time payroll data to calculate, collect, and remit workers’ compensation insurance premiums for each pay cycle. Because premiums are
calculated using exact payroll wages instead of estimates with Insurepay, businesses can make more accurate premium payments each pay cycle, leading to improved cash flow and reduced audit surprises.
With more accurate payments, insurers can see reduced operational costs associated with billing and collections and more predictable financial reporting. Insurepay has a partner network comprised of over 1,500 payroll providers to ensure easy integration and usage for policyholders, enhancing policyholder satisfaction and retention.
Insurepay’s pay-as-you-go billing integration enables insurers to:
Quickly enroll a workers’ compensation policyholder in pay-as-you-go billing with the click of a button;
Increase data and information transparency through Insurepay’s customizable portals for carriers, policyholders, payroll partners, and agents; and
Boost agent and policyholder satisfaction by offering a competitive, convenient billing option.
“The variability in payroll caused by the pandemic finally exposed the traditional model of premium billing in workers compensation as wholly outmoded and unnecessarily cumbersome,” said Adam Beck, chief executive officer, Insurepay. “What insurers and insureds alike are seeking is a match between exposure and premiums, which is precisely the solution pay-as-you-go provides. Our partnership with Guidewire allows us to integrate with our shared customers efficiently and seamlessly, and it limits the cost and time required for a new insurer to implement InsurePay’s pay-as-you-go solution.”
“We congratulate Insurepay on the release of its accelerator, now available in Guidewire’s Marketplace,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Many policyholders now expect insurers to offer a pay-as-you-go billing option. Insurepay’s Guidewire integration gives insurers the power to quickly implement pay-as-you-go billing for workers’ compensation policies without the hassle and expense of building their own solution.”
Founded by insurance industry experts who set out to build innovative solutions to transform workers' compensation insurance billing, InsurePay® enables insurance providers to seamlessly offer a Pay-As-You-Go (PayGo) billing solution for workers' compensation policyholders. Since 2003, insurance providers can monitor each policyholder's exact premiums for each pay cycle – all through InsurePay's secure, custom branded portal with direct data connections to leading payroll companies. Today, InsurePay processes more online PayGo billings than any other independent services company in the world. To learn more, visit www.insurepay.com or follow InsurePay on LinkedIn.
About Guidewire PartnerConnect ecosystem and Ready for Guidewire
Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other
complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found in the Guidewire Marketplace.
For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.