ePayPolicy, a payments platform tailored for the insurance industry, has unveiled a new tool, “Quotes and Invoices,” designed to simplify the transitions between quoting, invoicing, and online payment processes. By addressing inefficiencies in traditional workflows, this tool aims to provide insurance agencies with a more streamlined approach to handling customer transactions. The platform is set to reduce reliance on disjointed technology stacks, often adopted piecemeal by firms as their operations expand.
How does the tool improve insurance processes?
The Quotes and Invoices feature, accessible via the ePayPolicy Dashboard, allows insurers to generate and email quotes directly to customers, complete with links to secure payment pages. It also incorporates financing options through partnerships with premium financing companies, enabling a seamless transaction flow. The tool offers a searchable and historical database of invoices, improving accessibility and recordkeeping for agencies.
What challenges does the tool seek to address?
Insurance organizations often rely on fragmented technology solutions or generic accounting tools, resulting in inefficiencies. Highlighting this issue, Josh Peterson, Chief Product Officer of ePayPolicy, stated,
“Countless agencies have done what most growing companies do — add piecemeal technology as the need arises. They often keep using those tools even when they know it’s causing extra work, for lack of options.”
Quotes and Invoices aims to consolidate these processes into a single, cohesive system.
ePayPolicy has previously introduced features that align with its mission to streamline insurance operations. For instance, its Finance Connect tool, unveiled through a collaboration with Agile Premium Finance, enables insurers to offer online financing enrollment integrated with premium payments. Similarly, its Payables Connect tool, launched in 2023, automates reconciliation and payment processes using machine learning technology. These tools collectively enhance the operational capabilities of the insurance sector.
Compared to earlier innovations, such as the Payables Connect tool or Finance Connect partnership, Quotes and Invoices expands ePayPolicy’s focus from backend processes to customer-facing interactions. This emphasis on the transactional lifecycle reflects a shift in the platform’s strategy towards optimizing the entire customer journey. In contrast, competitors like Vitesse have concentrated on expanding treasury solutions, as evidenced by their $93 million Series C funding in 2024, which highlights a broader trend towards digital transformation in insurance payments.
By integrating invoicing, quoting, and payment functionalities, ePayPolicy’s new tool has the potential to address operational bottlenecks within insurance agencies. However, its success will depend on adoption rates among firms and its ability to address the unique needs of diverse insurance organizations. Agencies contemplating the adoption of such tools should assess how well the platform integrates with their existing systems and whether it aligns with their long-term operational goals.
