According to the official press release, NAMIC represents more than 1,500 mutual insurers that make up two-thirds of the US property and casualty insurance market. The move signals ePayPolicy’s aim to support mutual insurers with tools to improve operational efficiency and adopt modern payment solutions.
As a corporate member, ePayPolicy plans to engage in NAMIC events, contribute to discussions on industry challenges, and provide expertise on integrating digital payment technologies. The company’s platform allows insurers, agencies, and MGAs to process and reconcile payments, including credit card and ACH transactions, with a focus on security and ease of use.
Regarding these recent developments, ePayPolicy officials noted that the company’s mission is to simplify insurance payments for all stakeholders. They expressed that partnering with NAMIC provides an opportunity to collaborate with mutual insurers who prioritise protecting policyholders while navigating digital advancements in the sector.
NAMIC’s advocacy and educational efforts align with ePayPolicy’s goals of streamlining insurance processes and enhancing financial workflows. By joining NAMIC, ePayPolicy underscores its commitment to helping insurers adapt to digital transformation and improve customer interactions.
Headquartered in Texas, ePayPolicy develops digital payment platforms specifically for the insurance industry. Its solutions aim to improve receivables management and simplify billing for carriers, agencies, and MGAs. In January 2024, ePayPolicy introduced Finance Connect to streamline premium financing options for insurance payments at checkout.
ePayPolicy believes the collision of trends such as inflation-driven premium increases, customer preference for payment flexibility, and ongoing utilisation of premium finance will drive the adoption of their Finance Connect product. Finance Connect enables insurance companies to offer premium financing options at the point of online payment for their insured customers.
The National Association of Mutual Insurance Companies represents a diverse range of mutual insurers, providing advocacy, educational programmes, and networking opportunities to support members in serving their policyholders and communities.
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