Dubbed Applied Pay, the cloud-based, natively-integrated electronic payments hub enables insurance agents to offer their clients a secure, online way to pay their premiums, the company said in a Monday (Oct. 3) press release.
“Agents love the efficiency and security of direct bill but miss the opportunity to have total control over the payment part of the customer journey — until now,” said Applied Systems Chief Payments Officer Allan Lacoste. “Applied Pay puts agents in the driver’s seat by direct integration into their management system, while delivering security and efficiency in managing, processing and posting in agents’ general ledger so they can provide a modern payment experience to their customers.”
Applied Pay handles both new and recurring premiums and provides easier payment processing, a faster premium collection process and lower total operating costs, according to the press release.
It features a branded checkout page, general ledger reconciliation, real-time transaction visibility through easy-to-use dashboards, compliance and risk monitoring, and expedited settlement. The solution also provides payment flexibility by allowing the insured to use ACH, credit card, debit card and other payment methods, per the release.
Additionally, two more features will soon be added to Applied Pay: the option to set up recurring payments, and the ability to access premium financing from the checkout page.
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PYMNTS research has found that after the pandemic and the emergence of new technologies, consumers expect seamless, digital-based payments experiences.
See also: PYMNTS Intelligence: With Digital Payment Needs Growing, Embedded Finance Can Help
As a result, 92% of financial institutions report they are planning to innovate or are currently innovating embedded finance experiences, according to the “Embedded Finance Tracker®,” a PYMNTS and Galileo collaboration.
