Insurance Technology: Aon and Paypal, Applied Systems, and iink Address Digital Payments
Aon and Paypal Expand Access to Insurance for Small Businesses
Insurance broker Aon and digital payment service PayPal Holdings announced a program to help PayPal’s small business customers in the U.S. access insurance simply and quickly.
The digital insurance program will enable PayPal’s small business customers in the U.S. to shop for, purchase and manage insurance coverage through Aon’s CoverWallet on the PayPal commerce platform. Customers can also contact Aon’s licensed insurance advisors.
PayPal’s small business customers can access information on typical coverages and average costs for their insurance, a range of online quotes and coverage options from multiple carriers, and enjoy the convenience of purchasing insurance with their PayPal accounts via Aon’s CoverWallet solution.
The insurance program went live in the U.S. as of April 4, 2022.
Applied Announces New Digital Payments Solution
Insurance technology firm Applied Systems announced Applied Pay, an integrated digital payments tool built specifically for insurance and directly integrated into agency technologies and daily workflows.
Coming in the summer, Applied Pay will integrate with Applied’s suite of agency management systems and self-service portals to automate payment collection, processing, and reconciliation. It allows agents to reduce the cost and risk of managing paper checks and more quickly collect commission, while providing a modern checkout experience for insureds.
Applied Pay provides branded checkout pages where policyholders can pay premiums via text link, credit card, ACH, digital wallet, or other payment methods. The service also integrates into the general ledger to reconcile accounts receivable, reducing manual effort and improving accuracy and timeliness to reconcile payments.
Property Claims Firm iink Payments Closes on $6M Debt Facility With Accordion Up to $100M
Digital payments firm iink Payments, which handles disbursement of funds associated with multi-party property insurance claims, has closed on a $6 million debt facility with accordion up to $100 million in partnership with a Los Angeles-based asset management firm.
The firm said it helps restore insured properties back to pre-loss condition faster by facilitating the flow of money and information between all stakeholders involved in the payments lifecycle. The company says its product can help property owners get back into their homes faster and their contractors paid on time and with ease.
The new capital will be used to fund its advanced funding program that provides short-term advances to restoration contractors constrained by cash flow issues commonly found in insurance work.
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