AcordPay and ClearPay Merge to Automate Receivables and Payments for the Insurance Industry
TORONTO, ON - May 5 2021
AcordPay, accounts receivable automation leader is pleased to announce a merger with ClearPay, the payment settlement and reconciliation leader, to become the leading North American digital platform to automate receivables and payments for the insurance industry.
AcordPay and ClearPay will merge their U.S. and Canadian operations to offer an unparalleled all-in-one solution for the North American insurance market. The combination of these two industry-leading companies automates money management throughout all stages of the insurance policy lifecycle.
“Incorporating ClearPay’s advanced services into the existing AcordPay platform accelerates the digitization that’s essential in today’s insurance marketplace,” said Mike Senechal, CEO of AcordPay. “Our mutual partners benefit from one simplified solution to solve the complex and time-consuming money management functions.”
"Our newly-combined expertise deepens the value and flexibility we provide our partners and their clients,” said John Knotek, CEO of ClearPay. “Combining these two powerful solutions uniquely enables brokers, carriers, and MGAs to transform their operations and better manage their increased workloads and growing client expectations.”
AcordPay and ClearPay will ensure the seamless continuity of service for their customers. John Knotek will become the Chief Operating Officer of AcordPay and all other team members will remain in their current positions, poised to empower our clients’ growth and success.
In shaping the remainder of the management, the company announced the Geoff Howes, who was the CEO of KixPay will become AcordPay’s Chief Payments Officer and John Staines the Chief Sales Officer of the business.
AcordPay is the leader in insurance payments technology, providing a suite of payment solutions for collecting premiums (Credit Card, Debit Card, ACH, EFT and Interac), managing the receivables lifecycle, settling with markets and paying claims through its ClearPay service, policy refunds and vendors. Brokers, MGAs, Carriers and other insurance solution providers rely on AcordPay’s payments-as-a-service platform to ensure flow of funds throughout the insurance policy lifecycle. With offices throughout North America, AcordPay processes over $3billion per year in digital payments.
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