Toronto, ON (Dec. 5, 2016) – ClearPay, the Canadian leader in automating payment settlements for the Insurance Industry, has announced that insurance brokerages running Power Broker can issue electronic payments and automatically send remittance information to their valued insurance carriers.
Power Broker users can enjoy a dramatically simplified payment process for paying their monthly premium payables and direct bill advances, plus real time notification and provision of reconciliation data to insurance companies with the ClearPay functionality.
“With ClearPay, Power Broker users have two simple steps to make an electronic payment – generate then approve” said John Knotek, Chief Executive Officer of ClearPay. “ClearPay automates the rest of the process, including payment notification, provision of remittance information and direct movement of funds from brokerages’ accounts to carriers’ accounts. The average Power Broker office can realize savings of thousands of dollars annually over existing multiple step, manual cheque, paper based and even existing external electronic funds transfer processes.”
The ClearPay integration with Power Broker is provided through BrovadaOne, a Willis Towers Watson product offering, that comprises a complete solution for integrating and automating interactions between insurers, and their agents and brokers. It is currently installed in over 1,500 brokerages in Canada today.
“We are pleased to bring additional efficiencies to Power Broker brokerages” said Michelle Poirier, Head of Sales, Canada, BrovadaOne. “With our connectivity expertise we broadened the scope of services that Power Broker users can utilize and do so in a simple fashion.”
“Today’s brokerages need to find efficiencies in their operations and embedded electronic payments are another way to do so,” said Steve Zylak of Zycomp Systems. “With our simple and intuitive integration of ClearPay, Power Broker users are able to start using ClearPay in a matter of hours with little to no training.”
ClearPay is an independent Canadian company created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. Over 50 carriers are receiving electronic payments and remittance data that originated directly from major broker management systems.
About Zycomp Systems
Zycomp Systems Limited, a Canadian Company, has been the sole owner and provider of the Power Broker Management System since 1992 and is currently installed in 914 distinct brokerages across Canada and throughout the Caribbean.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at www.willistowerswatson.com.