InsurePay, which allows insurance providers to offer pay-as-you-go billing for workers’ compensation and general liability policyholders, has announced that its billing platform for the workers’ comp industry allows businesses to pay premiums based on real-time payroll wages, improving cash flow during the COVID-19 outbreak.
InsurePay’s Pay-As-You-Go platform calculates workers’ compensation premiums based on actual payroll data rather than estimated annual payroll amounts. This results in more accurate premium payments each pay cycle. Therefore, customers’ insurance expense matches their cash flow.
“COVID-19 is forcing many companies to reduce payroll overnight,” said Gex Richardson, chief administration officer of InsurePay. “InsurePay’s Pay-As-You-Go solution allows premiums to be adjusted concurrently with each pay cycle so that businesses can immediately access cash flow that otherwise wouldn’t be available until the end-of-the-year insurance audit adjustment.”
“In such unprecedented times, we want to do our part to help alleviate the burden of workers’ compensation expenses and increase cash flow as quickly as possible,” said Kevin Littlejohn, InsurePay chief operating officer. “InsurePay integrates with 1,400 different payroll providers, so that transitioning to a more dynamic payment program can occur immediately and without interruption.”
InsurePay currently calculates, invoices and moves more than $1 billion in premiums per year. The company is funded by Cerberus Capital Management and its affiliates and funds managed by TCW Asset Management Company.