ePayPolicy has added a payables reconciliation automation tool to its insurance payment and reconciliation products suite.
The new Payables Connect leverages the company’s existing integrations and machine learning (ML) technology to automate the reconciliation, creation and payment of due payables, ePayPolicy said in a Wednesday (April 5) press release.
“Payables are a time and resource strain for insurance companies,” ePayPolicy CEO Mark Engels said in the release. “For many, it’s a cumbersome process with predominantly manual touchpoints, and often dozens of dedicated headcounts. We can alleviate a lot of that burden for accounting offices of all sizes.”
The new Payables Connect product uses ML-assisted document scanning, matching and automated reconciliation with existing accounting systems to replace many time-intensive matching processes, according to the press release.
PYMNTS research has found that insurance companies are navigating today’s challenging times by improving their disbursements and inbound payment processes.
According to “Money Mobility Comes to the Insurance Industry,” a PYMNTS and Ingo Money collaboration, there is no shortage of ways that companies can leverage digital solutions to improve the insurance industry.
Around the world, InsurTechs, FinTechs and traditional insurance companies are bringing digital solutions to bear on nearly all aspects of the insurance experience, the report said.
The new product joins ePayPolicy’s existing lineup that includes management system integrations, custom application programming interface (API) connections, network payables and other digital payments and back-office automation products designed for the insurance industry.
“We want to be the place our customers go to reconcile their payables and receivables and tie it all together with their existing accounting solutions,” ePayPolicy Chief Technology Officer Nish Modi said in the release. “We’re committed to building an industry-wide network that securely moves money and the associated data in an efficient manner throughout the insurance industry.”
The launch of the latest product comes about seven months after ePayPolicy added a product called CheckMate that helps the insurance industry rapidly route, process and reconcile paper check payments.
When announcing the availability of CheckMate in September 2022, the company said that its customers’ experiences align with PYMNTS research that found that check payments account for more than half of the payments in the insurance industry, compared with a quarter of less of those in other industries.