Finance Connect” enables insured payors to enroll in premium financing right at online checkout, speeding up payment and reducing back-and-forth time
P1 Finance has partnered with ePayPolicy to make their premium financing solutions for insurance companies easier to access for the industry.
Online e-commerce customers have grown increasingly familiar with “Buy Now, Pay Later” (BNPL) options at checkout – the retail equivalent of installment plans. Companies like Affirm and Klarna have become globally recognized brands, as a surge in online shopping helped the top 5 lenders in that space grow 970% from 2019 to 2021.
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ePayPolicy’s latest feature release, Finance Connect, allows mutual P1 Finance customers to offer the convenience of premium financing enrollment, right at online checkout.
“This partnership streamlines our financing process,” said Bill Villari, President at P1 Finance. “By integrating financing into online checkout, we remove friction for insureds and give agencies an easier way to offer flexible payment options helping them close deals faster.”
“Central to the creation of Finance Connect was our intent to preserve existing partnerships with PFCs,” said ePayPolicy CEO Mark Engels. “We want to help both sides work together faster, for the convenience of the insured and the entire network of insurance companies we serve.”
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By utilizing ePayPolicy’s new feature, P1 Finance customers can now enroll in financing – complete with e-signed PFAs and automatic payments – in a single online session, utilizing secure connections to P1’s systems and their management systems. This simplifies an often-manual back-and-forth, asynchronous process while presenting clear financing terms and payment details for payers upfront.
“Our long-term vision is to make premium financing a natural part of the insurance payment journey,” said Villari. “By working with ePayPolicy, we’re streamlining workflows and strengthen relationships — empowering agencies to boost efficiency, grow their business, and improve the overall insurance buying experience.”
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Finance Connect is now available to all P1 Finance customers, who can also send invoices with connected financing via ePayPolicy’s new Quotes & Invoices feature.
Key Features
- Allows insurance offer financing with their existing PFC partners
- Connected to ePayPolicy’s new Quotes & Invoices feature
- Simplified enrollment and upfront terms for insureds
- Easily generates consolidated premium finance agreements (PFAs)
- Integrated with over 90% of the most popular agency management systems
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Source – PR Newswire
