ePayPolicy: Making payments the easiest part of the insurance process

Read ahead to learn more about the partnership, the pain points that influenced ePay's decision to embed payments for their users, and how they're approaching embedded financial products including accounts in the future. 

Joel: We had two main drivers. First was market demand and opportunity. Insurance premiums have been rising, especially in coastal areas, leading our customers to seek more cost-effective ways to collect payments and free up liquidity for growth. Many insurance agencies can't legally bind a policy until the first payment or entire premium is collected, making speed crucial.

Second, the insurance industry is catching up with other sectors in offering customer flexibility and multiple payment options. The B2B checkout experience is becoming more like retail, and we want our end-users to pay how they prefer.

Joel: The biggest challenge is finding a payments partner that can connect with multiple industry-specific softwares creating an integrated experience for the end user. Many of these tools are built on different platforms, not necessarily designed to integrate, but our product and development teams are up for the challenge.

Adyen invests time and energy to understand our business so that our development teams are in-sync. Our industry has lagged in digital payment adoption and its efficiencies. Adyen has significant payments and product expertise that it is willing to share through collaborative discussions, which ultimately translates into a better product offering for our customers.

Joel: There’s an ecosystem of companies moving money across insurance, including carriers, agencies, brokers, and premium finance corporations (PFCs). We have nearly 8,000 insurance customers in this network and aim to make payments the easiest part of their process.

For payments, we’re currently working on our own buy now pay later solution. We're developing integrated partnerships for financing, outbound payables, and connections to the management and accounting tools these businesses use. We're also discussing future financial products like balance accounts that will help our users move money securely, clearly, and quickly.

Adyen takes a consultative approach with open discussions regarding future product strategy. As ePayPolicy continues to grow, Adyen is with us every step of the way. We have strong relationships with numerous individuals and teams within Adyen so it feels like we are working with a partner who is truly vested in our success.

To state the obvious, get customer feedback and buy-in upfront. We had lengthy discussions with various customer stakeholders, and learned early on that we needed to commit to significant development resources in order to create an integrated experience that would delight the customer. 

We can fall into the same trap that any company focused on building new products is prone to - falling in love with your own ideas and projects in a vacuum. Our customers have helped us shape products into things they can use every day.

ePayPolicy's partnership with Adyen marks a significant step in its journey towards embedded finance. By leveraging Adyen's data infrastructure and multiple software integrations, ePayPolicy is poised to keep its operations and payments simple for itself and its customers well into the future.