Austin, Texas, August 6, 2025
News Summary
ePayPolicy, an Austin-based company specializing in integrated payment solutions for the insurance industry, announced a significant investment from LLR Partners. This funding aims to enhance product innovation and improve customer support, addressing the growing demand for digital payment solutions in insurance. ePayPolicy is modernizing payment processes with features like secure online payment pages and automated check processing for over 7,500 insurance companies, while also introducing Finance Connect for premium financing options.
AUSTIN, Texas – ePayPolicy, a company specializing in integrated payment solutions for the insurance industry, announced an investment from LLR Partners on August 5, 2025. This investment is aimed at enhancing product innovation and improving sales and customer support, positioning ePayPolicy to cater to the growing demand for online payment solutions within the insurance sector.
The insurance industry has traditionally lagged behind in digital payment technologies, with over 50% of insurance payments still made by checks. This figure is more than double the average of other industries, prompting companies to adapt to new consumer expectations for convenient payment methods. ePayPolicy’s initiatives are focused on modernizing insurance payment processes, which have historically relied on checks and cumbersome transaction methods.
ePayPolicy leverages technology to offer electronic payment solutions that simplify the transaction process for insurance professionals. With features like secure online payment pages, automated check processing, and payables reconciliation, the company enables carriers, agencies, and managing general agents (MGAs) to streamline premium collections and easily reconcile digital payments.
The demand for efficient online payment options is evident, with studies showing that two-thirds of buyers expect the checkout process to take less than four minutes, and up to 70% of online shopping carts are abandoned due to complicated payment processes. By integrating its services with core insurance platforms, ePayPolicy improves efficiency and enhances customer self-service capabilities. The company currently serves over 7,500 insurance companies and offers expert live support for payment handling.
In a move to provide more flexibility to its customers, ePayPolicy recently launched Finance Connect, allowing customers to access premium financing options directly at the point of sale. This development reflects the continued effort of ePayPolicy to address the operational challenges faced by mutual insurance companies.
In addition to modernizing payment processes, ePayPolicy embraces a hybrid work model that combines remote and on-site work. This approach helps foster flexibility and connection among employees while nurturing a culture that prioritizes creativity and innovative ideas.
As a newly inducted member of the National Association of Mutual Insurance Companies (NAMIC), ePayPolicy intends to participate in industry events and engage in discussions aimed at modernizing insurance payments and addressing current challenges faced by the sector. This involvement further emphasizes the company’s commitment to enhancing operational efficiency and improving customer experiences within the insurance industry.
The ongoing evolution of payment solutions is critical as the consumer landscape evolves. With increasing expectations for convenience and efficiency, ePayPolicy’s strategic initiatives are set to position it as a leader in transforming the insurance payment landscape, ensuring that clients can manage payments with ease and sophistication.
Key Features of ePayPolicy’s Solutions
| Feature | Description |
|---|---|
| Secure Online Payment Pages | Allows customers to make payments safely and easily through custom payment pages. |
| Automated Check Processing | Streamlines the handling of checks, reducing manual work and errors. |
| Payables Reconciliation | Facilitates easy tracking and matching of digital payments with invoices. |
| Finance Connect | Enables access to premium financing options at the point of transaction. |
| Expert Live Support | Provides immediate assistance to clients on payment handling, enhancing customer service. |
FAQ
What is ePayPolicy?
ePayPolicy is a company based in Austin, Texas, that specializes in payment solutions for the insurance industry, particularly focusing on accounts receivable and accounts payable processes.
What recent development occurred for ePayPolicy?
On August 5, 2025, ePayPolicy announced an investment from LLR Partners aimed at supporting product innovation and enhancing customer support.
How does ePayPolicy modernize payment processes?
ePayPolicy offers electronic payment solutions that simplify the payment process for insurance transactions, reducing reliance on traditional checks.
How many insurance companies does ePayPolicy serve?
ePayPolicy serves over 7,500 insurance companies, providing streamlined payment solutions and expert support.
What is Finance Connect?
Finance Connect is a feature that allows customers to access premium financing options during the payment process, improving flexibility for insurance transactions.
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Additional Resources
- Insurance Journal News
- Wikipedia: Insurance Payment
- Coverager News
- Google Search: ePayPolicy
- Business Wire News
- Google Scholar: Insurance Payment Solutions
- Newswire News
- Encyclopedia Britannica: Insurance Payments
- BuiltIn Company Profile
- Google News: Digital Insurance Payments
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