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
CSIO announced recently that Unica Insurance and Vertafore Canada are the first insurer and vendor members to partner and fulfill requirements of the Commercial Lines Certification Program. This efficient and seamless data exchange supports brokers and their customers by being able to deliver commercial lines policy data and quotes in seconds, instead of days, which is often the case when standards are not used.
Lessons learned from Personal Lines are now moving in to the Commercial Lines, specifically that commerical insurance and agency bill must run hand-in-hand to offer an optimal experience for customers. In an increasingly transaction driven world, driving strong relationships requires immediate access to data and information. Congratulations to all involved in taking this step forward!
2 | Partners and Integrations
First Insurance Funding of Canada and Merit Insurance announced the integration of the customized payment options from First into Merit's SIG system.
“At Merit, we strive to provide the best products and service for our clients to meet their needs,” said Carolyn Vickers, chief operating officer of Merit. “Our integration with FIRST Pay™ now provides another secure payment option with flexible payment plans that will suit each client’s unique needs.”
It is becoming increasingly evident that insurance and billing must run hand in hand to provide optimized experiences for customers.
3 | Digital Developments
There is a new digital broker on the scene as Ratehub has launched its own property and casualty brokerage, called RH Insurance.
"The intent is that RH Insurance will help customers navigate the entire process of obtaining insurance, from getting a quote to buying a policy."
In other news...
AcordPay and First Canada launch monthly credit payments: First Canada is the now offers credit cards as an option for monthly premium financing payments. Brokers can seamlessly integrate monthly payments into their Payment Options For and digital workflow. Read the full release.
Nearly 60% of 18-39 year olds use mobile banking apps, less than 1/3 use apps to manage insurance: While people are increasingly managing their insurance policies digitally, there is still room for improvement. Retention of customers is harder than ever and a robust digital strategy is paramount in attracting and retaining younger customers. Read more here.