Montreal, QC (Sept. 18, 2018) – Vertafore’s Canadian unit, Keal Technology, the leader in broker management solutions, is proud to announce their partnership with ClearPay. SIG users now enjoy a dramatically simplified payment process for paying their monthly premium payables and collect direct bill commissions.
The service provides Keal SIG Users with the ability to securely set payee, amount, date and electronically approve payments to their carriers. ClearPay transforms funds from the brokers’ designated bank account to the Carrier or MGA for monthly payables or one-time payments. In addition, ClearPay complies and delivers reconciliation data to assist with the reconciliation in the Carrier’s accounting and SIG.
“As an advocate of real-time solutions, we realized there was a big gap when it came to our accounting processes,” said Rose-Anne Shaw from Bryson & Associates Ltd in Ajax, Ontario. “Every check we ordered, issued, printed and signed was such a waste of valuable time and money! We learned about the ClearPay solution and partnered up with them which allowed us the functionality to pay our carriers electronically. In addition, with the Keal SIG integration, this process couldn’t be simpler. This is probably one of the easiest technologies to implement for brokers and a great way to cut back expenses.”
Using existing workflows within SIG, brokerages are now able to post-date electronic payments for monthly premium payables, one-off direct bill payments and policy down payments. ClearPay also automatically delivers payment notifications to carriers and provides immediate and secure access to critical reconciliation data. It also ensures that incoming funds are delivered securely and be easily associated with the policies being paid. “The standardization of the process and reporting presents opportunities for substantial efficiency gains and a dramatic reduction in erroneously cancelled policies,” adds Bill Redford, VP, Keal Product Development.
Having one common secure site for brokerages and carriers to access real-time information on payments and reporting greatly reduces repetitive communication that typically exists between accounting departments of brokerages and carriers. By eliminating unnecessary communication, brokerage and carrier personnel can focus on higher value activities.
John Knotek, CEO of ClearPay noted, “We are excited to launch the direct integration of ClearPay with SIG. The Keal team has taken a brokerage centric approach in this integration resulting in SIG users being able to enjoy an easy and intuitive carrier payment and reporting process, with drop down selection menus for payable personnel to use. Additionally, by having data transfer into ClearPay in real-time from Keal SIG, private information is handled in a more secure manner than mail or email. With all user activities fully trackable and auditable, there is a full data custody chain in place. The data is automatically assembled into standardized report formats that were built with the extensive input of the industry, thereby satisfying the diverse needs of both parties in a transaction. This standardization and automatic delivery reduces the steps required by brokerages to fulfill contractually required reporting and is simpler for carriers to reconcile.”
This new integration of ClearPay and SIG once again demonstrates Vertafore’s commitment to continually improve SIG capabilities in order to meet the needs and business goals of Canadian Insurance Brokers.
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, visit clearpaycanada.com.
About Vertafore & Keal Technology
Vertafore’s comprehensive insurance management software solutions allow brokers and carriers to adapt to the evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with the best technology companies and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog and follow the company on Twitter, LinkedIn and Facebook.
Keal Technology is the expert in Canadian broker innovation and a leader in the BMS (Broker Management Systems) and CMS (Commercial Management Systems) marketplace for insurance and financial services brokers. Keal offers an integrated suite of products designed to increase revenue through efficient use of technology. In 2016, Vertafore acquired Keal Technology, a leading provider of broker and commercial management systems in Canada.
For more information, visit www.keal.com.
Source: Keal TechnologyTags: ClearPay, Keal Technology, partnership, Vertafore