Hello Acordians -
Welcome to the latest edition of Loose Change. Here, we will try to keep you up to date on news and trends in the industry, as well as announcements specific to AcordPay.
1 | Carrier Corner
"The insurance industry has been quick to adapt to the demands of the coronavirus. The industry never closed. In fact, insurers are under heightened pressure to continue to do business, to write new policies, to settle claims, and to ensure that people’s lives are put back together during this global crisis."
This was an excerpt from Bethan Moorcraft's excellent article in Insurance Business Canada. We expect that carriers will continue to look to automate and digitize their operations, including how settlement and reconciliation with their broker communities.
2 | Partners and Integrations
AcordPay and Applied Systems Canada have engaged in the development of a complete integration to provide comprehensive credit card payment processing functionality into the Applied Epic broker management system (BMS) slated to launch Q2 2021.
“At Applied, we consistently focus on delivering on the demand for seamless integration with exceptional 3rd party solutions,” says Steve Whitelaw, Vice President, Industry and Partner Relations at Applied Systems. “Integrating with the AcordPay credit card solution was an easy choice, as we already share a significant number of clients and see tremendous opportunity for growth.
Read more the full release of how AcordPay and Applied are working together here.
3 | Digital Developments
Insights on Canadian consumer sentiment in a world of financial services choice.
An excellent article from EY Canada Partner, Abhishek Sinha, on the changing face of consumer expectations when it comes to financial services. While the article focuses on banking, it is clear that consumers (and by extension, businesses) are starting to demand more choice and innovation from their financial partners. The insurance world should take notice!
“Canadians appear to be on board for embracing limited data sharing risks if there is a clear line between sharing data and a better experience. Therein lies a wealth of opportunity – particularly if you layer in loyalty."
Read more here
In other news...
New VendorPay Option for the Insurance industry: Why are brokerages and carriers still heavily reliant on sending out paper cheques, even when most of their clients likely don’t even own cheque books anymore? There is a better way...