The human identity is constructed upon many different elements, and yet there is nothing that defines us better than the sheer desire to grow on a consistent basis. We can claim what we did because the stated desire has already empowered the world to hit upon some huge milestones, with technology appearing as a major member of this group. Now, the reason why technology enjoys such an esteemed stature among people is, by and large, conceived around its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave technology a spectrum-wide presence, and consequentially, kickstarted a full-fledged revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, the creation will somehow continue treading forward. The same has turned a lot more evident in recent times, and assuming one insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.
ePayPolicy, an insurtech company operating out of Austin Texas, has officially launched a new solution called Payables Connect, which is designed to automate payables reconciliation and make the relevant process as seamless as possible. According to certain reports, Payables Connect will apply machine learning, alongside ePayPolicy’s existing integrations, to assist the user in terms of document scanning, matching, and automated reconciliation with active accounting systems. However, this isn’t all what you’ll be getting here, considering the solution is also well-equipped to let you generate a payment through ePayPolicy’s payable network, ACH or a mailed check. Beyond that, given Payables Connect’s pledge to pursue automation at scale, it further reduces the time and headcount usually needed to process market statements, and it is able to do so by a significant margin.
“Payables are a time and resource strain for insurance companies,” said Mark Engels CEO of ePayPolicy. “For many, it’s a cumbersome process with predominantly manual touchpoints, and often dozens of dedicated headcount. We can alleviate a lot of that burden for accounting offices of all sizes.”
Hold on, we are still not done. Payables Connect, despite its comprehensive design and intensive body of work, offers enhanced flexibility throughout the process. An example of this flexibility can be observed in how it uses the exception rule to accommodate every accounting process, something that, like you can guess, contributes immensely towards bolstering its wider appeal. Anyway, among other features, ePayPolicy’s latest brainchild will deliver at your disposal industry-specific management system integrations, custom API connections, and more.
“Payables Connect reads and learns from each individual statement. The beauty of the technology is it’s continuously learning and improving. We’re very excited about where this technology can take the industry as a whole,” said Nish Modi, CTO of ePayPolicy. “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. 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.”
Founded in 2014, ePayPolicy has risen to prominence on the back of its simplified payment tools that are all purposed around facilitating transactions for agencies, carriers, MGAs and PFCs. The company’s value proposition, which includes secure online payment pages, automated check processing, and payables reconciliation, has allowed it to serve more 6.500 insurance companies till date. Now, with one of its core services ready to scale up, the company would be looking at capturing a much bigger customer base in the near future.
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