ClearPay Transactions Benefiting 100 Carriers

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Toronto, ON (Oct. 25, 2017) – ClearPay, the Canadian leader in automating payment settlements and reconciliation for the Insurance Industry, announced today that there are now one hundred carriers receiving ClearPay transactions.

“Historically, the lack of supporting remittance advice has prevented carriers from accepting inbound electronic payments from brokerages,” said John Knotek, Chief Executive Officer of ClearPay.  “This milestone of having one hundred carriers receive ClearPay transactions shows how carriers can accept electronic payments when the right information is provided at the right time.”

These one hundred carriers range from specialized MGAs to regional mutuals to large national insurers.  For carriers, the key benefits that come with secure ClearPay electronic payments are real time payment notices and automated reporting from brokerages, eliminating misplaced cheques and unallocated funds.

As transactions and data originate directly from major broker management systems, brokerages too are benefitting.  With a ‘once and done approach’, any need for dual entry is eliminated and brokerages can readily accelerate their move to electronic payments.

“With ClearPay remittance reports that are customized for carriers and match incoming payments, the path to automatic reconciliation has begun,” continues Knotek.  “We are focussed on expanding ClearPay to even more brokerages and carriers to enhance the speed and efficiency of doing business for the Property and Casualty Industry.”

About ClearPay

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.  For more information connect with ClearPay on Twitter or Linkedin or visit clearpaycanada.com.

SOURCE: ClearPay

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