ePayPolicy and US Premium Finance simplify insurance financing

Ecommerce customers have grown increasingly familiar with ‘Buy Now, Pay Later’ (BNPL) options at checkout - the retail equivalent of instalment plans. With ePayPolicy's new feature, Finance Connect, US Premium Finance can now offer the same level of convenience when paying premiums online.

BNPL integration with Finance Connect

The convenience of BNPL at checkout has been estimated to increase conversion rates by 20-30%, as well as increasing cart value by 30-50%. But unlike new BNPL entrants, many premium finance companies (PFCs) have long standing existing relationships with their partners, and need no justification for the value they bring.

Representatives from US Premium Finance have noted that their shared clients desire a smoother premium finance transaction experience. With Finance Connect, additional features will be introduced to fulfil their insurance payment requirements.

Leveraging ePayPolicy's latest feature, customers of US Premium Finance can now seamlessly enrol in financing, including e-signing preferred financial agreements and setting up automatic payments, all within a single online session, utilising secure connections to US Premium Finance's systems and popular industry management platforms.

Key benefits of Finance Connect:

• Allows insurance companies to work with their existing PFC partners;

• Premium financing options presented at checkout alongside pay in full options;

• Simplified financing enrollment and upfront terms for insureds;

• Easily generates consolidated premium finance agreements (PFAs);

• ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry.

US Premium Finance described that this feature allows their client base to have a more fulsome suite of payment options with simultaneous end to end integration benefits for USPF, combined with an expected increase in market penetration rates by introducing the next evolution in payment options.