Applied Systems Announces New Applied Pay® Innovation
Platform experiencing significant growth of 714% in premium dollars processed on the platform in last 12 months
Chicago, IL., Aug. 27, 2024 (GLOBE NEWSWIRE) — Applied Systems® today announced the latest enhancements of Applied Pay®, the industry’s only AMS-native payments solution, that continue automating the end-to-end payments journey. New innovations, including premium payment receipt reconciliation, one-click payment routing, and the insured checkout experience, further automate workflows for collecting and reconciling digital payments, enabling an agency to reduce time and effort by up to 70%. Continued streamlining of the premium payment lifecycle has led to more than 900 agencies adopting the platform since its launch in October 2022.
Key automation launched in the first half of 2024 include:
- Automated Receipt Reconciliation: Provides the option to import Applied Pay payouts into Applied Epic for auto-matching against existing general ledger receipts, reducing the manual, error-prone work normally associated with this reconciliation process.
- One-Click Payment Routing: Enables agents to quickly and easily match insured payments missing key customer-identifying details, such as invoice number or client ID to their respective accounts in Applied Epic.
- Adaptive Checkout Page: Delivers the ability to configure what gets displayed to the insured at checkout, including the option to pay single or multiple invoices, make full or partial payments, set limits on payment types, and allow for all or specified methods of payment, creating a tailored checkout experience based on the agency’s preferred business requirements.
“We were looking for seamless integration with our existing solutions to make it easier for our colleagues to administer and orchestrate the payment process, and Applied Pay checked all of the boxes,” said Raj Kalahasthi, Chief Digital & Information Officer, The Baldwin Group. “Being able to have speedy settlement, as well as being able to accurately reconcile to the right transactions, was key to choosing Applied Pay.”
Applied Pay enables independent agents the ability to provide their clients with a secure, simple way to pay premiums online. Directly integrated into Applied Epic, Applied CSR24, and EZLynx Client Center, Applied Pay is engineered to provide best-in-class features and automation throughout each phase of the payment journey. From collection through to disbursement, Applied Pay provides agencies and their insured customers with an optimal payment experience from start to finish.
“The rapid adoption of Applied Pay has made it clear that our clients need a better way to manage premium payments so they can reduce the time, effort, errors, and liability inherent within the manual process that held our industry held back,” said Chase Petrey, President of Applied Pay, Applied Systems. “Applied is committed to continued innovation in the digital payments space – and even more broadly, in general financial management – to provide independent insurance agents with the best solution to manage money movement with less effort and better security.”
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About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
CONTACT: Lauren Malcolm Applied Systems (678) 438-5093 [email protected]
