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CARRIERS

Receive premium payments and corresponding reconciliation data directly from your brokerages. The ClearPay service is designed specifically for the insurance industry as a closed environment to transfer both the funds and the settlement information.  The service provides the brokerage the ability to establish the amount payable, date and electronically approve payments to carriers.

 

We transfers funds from the brokers’ designated bank account to the Carrier. This is both for monthly receivables and one-time payments.  The ClearPay service compiles and delivers reconciliation data in the expected format to assist with reconciling the payment in Carrier’s accounting and Policy Administration Systems.

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Key ClearPay Features

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Custom Designed for Insurance Industry

  • Closed system that can only process payments from brokerages to carriers

  • Works with multiple systems and accounts

  • Carrier settled – funds are pulled by Carrier

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Customize and Mange Users

  • Designate and manage users

  • Customize user settings to determine access levels and notifications

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Real Time Notifications

  • You receive full notice of pending payments upon brokerage authorizing payment

  • Policy data is directly associated with payment

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Access and Manage Payment Reports

  • View real time reports that identify payment stages as pending, authorized or deposited

  • Access associated policy data needed for reconciliation

  • View historical deposits by brokerage (filter search criteria)

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Automated Reconciliation Report

  • Choose file format to receive data

  • Direct web services feed available for straight through processing

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Bank Level Security

  • ClearPay utilizes a level of system protection on par with many international banking institutions, including 256 bit encryption and data exchanged with standard security protocols

  • Funds are transferred based on established and safe banking procedures

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Key ClearPay Benefits

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Save

Time

  • Eliminate cheques and need for employees to do bank runs.

  • Reduce needless communication between accounting departments of carriers and brokerages as to payment status or location of cheque

  • Receive reconciliation data in one format for ease of processing

Save Time
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Save

Money

  • No need to receive, store and deposit post dated cheques

  • Significantly reduce deposit costs

Save Money
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  • No upfront costs

  • No IT involvement or integration work

Simple
Implementation

Simple

Implementation

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  • Promote ease of doing business and working in sync with your brokerages

  • Shift focus of saved resources to more value enhancing activities

  • Instantly provide all your brokers the ability to pay you electronically

Improve Broker Relations

Improve Broker Relations

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Added

Security

  • Electronic settlement eliminates cheque fraud

  • Employee safety, staff no longer have to walk cheques to the bank

Added Security
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Improve Treasury Operations

  • Greater accuracy in forecasting cash flows with real time access to deposit schedule

  • Optimize cash balances to higher interest rate products

  • Instantly associate payments with related policies

Improve Treasury Operations

ClearPay 4 Step Process

The current process of settling monthly agency bill accounts and one-time payments (midterm policy changes, NSFs on direct bill business) is antiquated and overly complex. Carriers currently invoice amounts that may differ from that in a brokerage’s BMS, the payment process is not secure, is heavily paper based and takes away value from the operations of brokerages and carriers.

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1. Carrier receives Approval Notification and Reconciliation Report

2. ClearPay Generates Electronic Funds Transfer on Required Date

3. Funds are Deposited into Carrier Account

4. Carrier Receives Deposit Confirmation and Account Summary

 
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How is ClearPay different? Payments via ClearPay to the carrier are initiated by brokerages within their BMS under the cheque issuing function.  Payments are then established by ClearPay and policy reconciliation data is remitted to the carrier.  ClearPay works within Canadian Banking protocols and is compliant with all insurance regulatory authorities in transferring funds directly from the brokerage’s to the carriers account.

How Does ClearPay Compare?

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Cheque Based Payment

1. Brokerage reviews invoice and system

2. Brokerage issues and authorizes a cheque

3. Cheque and data reconciliation report are mailed

Phone calls/emails back and forth between brokerage and carrier on reconciling statements

1. Cheque and report received by insurance company

2. Cheque is recorded stored

3. Data reconciliation is done against report received

Cheque is deposited at bank.

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ClearPay

Brokerage initiates payment and data reconciliation report from their Broker Management System and ClearPay web service.

Data reconciliation report is transmitted over secure lines to insurance company.

Funds are deposited directly to insurance company's bank account on specified date.

Current Cheque Based Process:

  • Enter payment data into accounting software (BMS)

  • Print cheques

  • Print/export reconciliation data (for approval)

  • Request required approval and signatures (x2)

  • Generate outgoing envelopes

  • Send Reconciliation data to carrier

  • Call courier/put stamps and deposit at mailbox

  • Hope cheques/data make it to carrier.

ClearPay Process:

  • Enter payment data into accounting software (BMS)

  • Authorize payment which generates ClearPay automated approval notification

  • Receive automated receipt notification

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Speak to us today about a better way to pay!

During this free demo you'll discover exactly how AcordPay will benefit your agency, like speeding up receivables and saving your accounting team time.

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