INBOUND PAYMENTS
Customize the branding as well as the experience for your customers.
Adhere to all the rules and regulations around payments collections.
Integrate payments to your existing solutions, workflows and back-office systems.
OUTBOUND PAYMENTS
Provide faster payments to customer while reducing fraud and friction.
Pay all of your vendors through a single, streamlined interface.
Easily manage premium refunds from carriers to your customers.
MGAs
Receive your premium payments and reconciliation data electronically in your preferred format, directly from your agent and brokerage partners. Then, easily pay and reconcile with your key markets all from your back office management platform, the ClearPay service is designed specifically for the insurance industry as a closed environment to transfer both funds and the settlement information.
Key ClearPay Features
Receiving Payments
Custom Designed for Insurance Industry
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Closed system that can only process payments from brokerages to carriers
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Works with multiple systems and accounts
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Carrier settled – funds are pulled by Carrier
Customize and Mange Users
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Designate and manage users
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Customize user settings to determine access levels and notifications
Real Time Notifications
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You receive full notice of pending payments upon brokerage authorizing payment
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Policy data is directly associated with payment
Access and Manage Payment Reports
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View real time reports that identify payment stages as pending, authorized or deposited
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Access associated policy data needed for reconciliation
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View historical deposits by brokerage (filter search criteria)
Automated Reconciliation Report
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Choose file format to receive data
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Direct web services feed available for straight through processing
Bank Level Security
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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
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Funds are transferred based on established and safe banking procedures
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Read more about ClearPay security
Key ClearPay Features
Sending Payments
Seamless Integration to BMS
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Ability to integrate to all major BMS’, allowing for brokers to start + finish within the BMS.
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ClearPay runs silently in the background.
Easy Installation
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Easy automated wizard driven installation and set-up
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No upfront costs
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Local installation of connectivity tool to provide data to generate electronic payment and transmission of relevant policy data.
Pay Electronically
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Funds are transferred using existing banking protocols.
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Broker authorized – payment amount and deposit date are controlled by broker.
Multiple Users with Customized Authority Levels
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Choose differing levels of authority in the brokerage – ability to view only, generate payments, or approve payments.
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Remote approval, designated authorities in brokerage can approve payments wherever you have an internet connection – phone, tablet or computer.
Automated Reconciliation Report
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Data and funds are transmitted based upon brokerages entries into BMS.
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Carriers receive real-time reconciliation reports in their preferred format.
Bank Level Security
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Funds are transferred based on established and safe banking procedures.
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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.
ClearPay Benefits
of Receiving Payments
Save
Time
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Eliminate cheques and need for employees to do bank runs.
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Reduce needless communication between accounting departments of carriers and brokerages as to payment status or location of cheque
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Receive reconciliation data in one format for ease of processing
Save Time
Save
Money
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No need to receive, store and deposit post dated cheques
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Significantly reduce deposit costs
Save Money
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No upfront costs
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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
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Shift focus of saved resources to more value enhancing activities
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Instantly provide all your brokers the ability to pay you electronically
Improve Broker Relations
Improve Broker Relations
Added
Security
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Electronic settlement eliminates cheque fraud
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Employee safety, staff no longer have to walk cheques to the bank
Added Security
Improve Treasury Operations
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Greater accuracy in forecasting cash flows with real time access to deposit schedule
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Optimize cash balances to higher interest rate products
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Instantly associate payments with related policies
Improve Treasury Operations
ClearPay Benefits
of Sending Payments
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The insurance industry is a popular target by fraudsters
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Electronic funds transfer is proven to be safe and secure
Eliminate Cheque Fraud
Eliminate Cheque Fraud
Save
Money
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No more expensive printing costs for cheques
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No more courier charges
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No more chasing down signatures
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Significantly reduce bank fees for electronic debits vs cheques
Save Money
Save
Time
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Reduce handling and secure storage costs associated with cheques
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Reduce needless communication between accounting departments of brokerages and carriers
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Reports are generated automatically with the payment approval
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Eliminate duplicate entry
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Automated real-time payment notifications to carriers (avoiding cancelations)
Save Time
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Low time commitment (wizard driven set-up)
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Support available 12 hours a day
Simple
Implementation
Simple
Implementation
Broker Controls the Date and Amount of Payment
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Know the exact date and amount that are going to be debited
Broker Controls the Date and Amount of Payment
Instantly Have Access to Pay All your Carriers Electronically
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No need to maintain carrier account information
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No need to log in to bank sites to make payments
Instantly Have Access to Pay All your Carriers Electronically
ClearPay 4 Step Process
to Receive Payments
1. MGA receives Approval Notification and Reconciliation Report
2. ClearPay Generates Electronic Funds Transfer on Required Date
3. Funds are Deposited into MGA Account
4. MGA Receives Deposit Confirmation and Account Summary
ClearPay 4 Step Process
to Send Payments
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.
1. Submit Payment from BMS
2. Notification and approval process
3. Posted to ClearPay™, Reconciliation Report to carrier
4. Carrier Receives Payment and Account Summary
How is ClearPay different? Payments via ClearPay to the carrier are initiated by brokerages within their BMS in the same manner as is done now to issue a cheque. Payment schedule is 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 carrier’s account.
How Does ClearPay Compare?
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.
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:
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Enter payment data into accounting software (BMS)
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Print cheques
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Print/export reconciliation data (for approval)
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Request required approval and signatures (x2)
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Generate outgoing envelopes
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Send Reconciliation data to carrier
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Call courier/put stamps and deposit at mailbox
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Hope cheques/data make it to carrier.
ClearPay Process:
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Enter payment data into accounting software (BMS)
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Authorize payment which generates ClearPay automated approval notification
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Receive automated receipt notification
