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.
VOLUME 3
APRIL 2021
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
There is little doubt that Climate Change is a topic we will be talking about for years to come. Businesses in all sectors are making changes to how they conduct their businesses and the emissions they may be creating. Insurance is no different, with "eight of the world's leading insurance and reinsurance launching an alliance to stepped transitions to a net zero emissions economy."
The Takeaway
Many of our clients have suffered climate related damages, be it fires, floods or earthquakes. Getting ahead of the issues has always been a mantra in the insurance industry and it great to see some of the largest insurers leading the way, again!
Read the full article: https://financialpost.com/pmn/business-pmn/big-insurance-companies-launch-net-zero-climate-alliance
Automate manual tasks and significantly reduce expenses related to collecting payments, reconciling with carriers and outbound disbursements.
Contact Us to learn more today!
2 | Partners and Integrations
Wawanesa and Applied recently announced an integrated direct bill payment capability its online customer self-service software solution, Applied CSR24.
“It’s more important than ever to give our broker partners the connectivity and payment options they need to provide an excellent customer experience,” said Graham Haigh, senior vice president & chief marketing officer, Wawanesa Mutual Insurance Company. “That’s why we are excited to expand our partnership with Applied. Together, we’re delivering the kind of digital experience our policyholders have come to expect.”
Any improvements for customer self-service in the payments area is a win for all!
3 | Digital Developments
It is nearly impossible to make it through your day without digital interactions. Insurance is no different, with many brokers and carriers already well into digital transformations, there is always more to do.
Mike Connor, a top 25 influencers in InsurTech, has put together the Insurance 2.0 digital blueprint that everyone should review.
In other news...
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NFP partnership aims to support aerospace clients in Canada: It isn't hard to notice that we have entered a new era of space exploration. NFP has partnered with Piiq Risk Partners, with a strategic focus on the aerospace and aviation industries. Read the full release.
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Insurtechs raise nearly $5 billion, most on record, in Q2 2021: Global insurtech activity reached an all-time high in the second quarter of the year. Insurtechs raised $4.8 billion in 162 deals, an increase of 89% in funding and 11% in deals from the first quarter of the year, according to CB Insights' quarterly Insurtech Briefing. The first half of 2021 has seen companies raise $7.4 billion, surpassing the funds raised last year at this time by over $300 million. Read more here.
