Insurepay’s Accelerator for Pay-As-You-Go Workers’ Compensation Premiums Now Available in Guidewire Marketplace

Rhea-AI Summary

Insurepay has launched a new integration for Guidewire's PolicyCenter, enhancing the implementation of pay-as-you-go billing for workers’ compensation policies. This cloud-based platform simplifies premium calculations using real-time payroll data, resulting in improved cash flow and reduced operational costs for insurers. With over 1,500 payroll partnerships, Insurepay provides policyholders with a customizable experience, fostering satisfaction and retention. The integration allows quick enrollment and transparency in billing, offering a modern solution to outdated billing practices.

Positive

• New integration for Guidewire's PolicyCenter enhances billing efficiency.
• Accurate premium calculations improve cash flow and reduce audit surprises.
• Strong network of over 1,500 payroll partners facilitates easy integration.
• Customizable portals increase transparency for all stakeholders.

Negative

• None.

Insurepay’s integration for PolicyCenter to enable quick, simple implementation of pay-as-you-go billing for workers’ compensation policies

SARASOTA, Fla., & SAN MATEO, Calif.--(BUSINESS WIRE)-- Insurepay™, a workers' compensation administration and insurance premium billing platform for insurers and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), today announced that Insurepay’s new Ready for Guidewire validated accelerator is now available to PolicyCenter users in the Guidewire Marketplace.

The cloud-based Insurepay platform uses real-time payroll data to calculate, collect, and remit workers’ compensation insurance premiums for each pay cycle. Because premiums are calculated using exact payroll wages instead of estimates with Insurepay, businesses can make more accurate premium payments each pay cycle, leading to improved cash flow and reduced audit surprises.

With more accurate payments, insurers can see reduced operational costs associated with billing and collections and more predictable financial reporting. Insurepay has a partner network comprised of over 1,500 payroll providers to ensure easy integration and usage for policyholders, enhancing policyholder satisfaction and retention.

Insurepay’s pay-as-you-go billing integration enables insurers to:

• Quickly enroll a workers’ compensation policyholder in pay-as-you-go billing with the click of a button;
• Increase data and information transparency through Insurepay’s customizable portals for carriers, policyholders, payroll partners, and agents; and
• Boost agent and policyholder satisfaction by offering a competitive, convenient billing option.

“The variability in payroll caused by the pandemic finally exposed the traditional model of premium billing in workers compensation as wholly outmoded and unnecessarily cumbersome,” said Adam Beck, chief executive officer, Insurepay. “What insurers and insureds alike are seeking is a match between exposure and premiums, which is precisely the solution pay-as-you-go provides. Our partnership with Guidewire allows us to integrate with our shared customers efficiently and seamlessly, and it limits the cost and time required for a new insurer to implement InsurePay’s pay-as-you-go solution.”

“We congratulate Insurepay on the release of its accelerator, now available in Guidewire’s Marketplace,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Many policyholders now expect insurers to offer a pay-as-you-go billing option. Insurepay’s Guidewire integration gives insurers the power to quickly implement pay-as-you-go billing for workers’ compensation policies without the hassle and expense of building their own solution.”

About Insurepay

Founded by insurance industry experts who set out to build innovative solutions to transform workers' compensation insurance billing, InsurePay® enables insurance providers to seamlessly offer a Pay-As-You-Go (PayGo) billing solution for workers' compensation policyholders. Since 2003, insurance providers can monitor each policyholder's exact premiums for each pay cycle – all through InsurePay's secure, custom branded portal with direct data connections to leading payroll companies. Today, InsurePay processes more online PayGo billings than any other independent services company in the world. To learn more, visit www.insurepay.com or follow InsurePay on LinkedIn.

About Guidewire PartnerConnect ecosystem and Ready for Guidewire

Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found in the Guidewire Marketplace.

For more information about Guidewire PartnerConnect, please visit http://www.guidewire.com/partners.

About Guidewire Software

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005174/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.357.5324

mcobb@guidewire.com

Jim Leavitt

VP, Sales & Alliances

Insurepay

+1.860.406.1439

jleavitt@insurepay.com

Source: Guidewire Software, Inc.

FAQ

What is Insurepay's new integration with Guidewire?

Insurepay has launched an integration with Guidewire's PolicyCenter to implement pay-as-you-go billing for workers' compensation policies, allowing for accurate, real-time premium calculations.

How does Insurepay's platform improve billing for insurers?

The platform uses real-time payroll data to calculate premiums accurately, leading to improved cash flow and reduced operational costs for insurers.

What is the benefit of pay-as-you-go billing for policyholders?

Pay-as-you-go billing allows policyholders to make premium payments based on actual payroll figures, minimizing audit surprises and improving financial predictability.

When was Insurepay's new accelerator announced?

Insurepay's new accelerator for Guidewire's PolicyCenter was announced in a recent press release.

How does the integration affect customer satisfaction?

By providing a competitive and convenient billing option, the integration enhances agent and policyholder satisfaction, helping in retention.