The following article was provided by ePayPolicy.
ePayPolicy has announced the release of Payables Connect, the newest innovation in its suite of insurance payment and reconciliation products.
Payables Connect leverages ePay’s existing integration and machine learning technology to completely automate the reconciliation, creation, and payment of due payables.
“Payables are a time and resource strain for insurance companies,” said ePayPolicy CEO Mark Engels. “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.”
Payables Connect features machine-learning assisted document scanning, matching, and automated reconciliation with existing accounting systems. It is built to remove much of the time-intensive matching processes that are common with market statements and invoices to process payables.
“Payables Connect reads and learns from each individual statement,” said ePayPolicy chief technology officer Nish Modi. “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.”
The founders of ePayPolicy have had firsthand experience of the operational pains of check collection and manual reconciliation in insurance. It was this that led to the company’s first product, which involved customizable, online payment pages that match with an insurance company’s brand.
The industry is primed and hungry for digital payments and automated back-office operations, according to ePayPolicy, and Payables Connect is a natural next step in the company’s innovation drive, which has included the launch of CheckMate, an automated check reconciliation solution that also utilizes machine learning, in 2022.
Additional capabilities of ePayPolicy include industry-specific management system integrations, custom API connections, network payables, and more.
ePayPolicy's customer base has grown to over 6,500 insurance companies, and current and new customers alike can expect several new products to follow. Its goal is to continue to streamline the accounts payable, receivables and disbursement experience for customers in 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,” said Modi. “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.”
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About ePayPolicy
ePayPolicy offers easier payment tools, built for insurance. ePayPolicy's products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation. 6,500+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com
This article was produced in partnership with ePayPolicy.
