Pathpoint launches PathPay, a first-of-its-kind wholesale payment experience for insurance agents
Pathpoint, the digital, modern wholesaler where insurance agents can get bindable small commercial E&S quotes in minutes, today launches PathPay, a new, streamlined platform that will save agents hours of work currently spent on collecting, processing, and tracking payments.
PathPay makes it easier than ever for agencies to manage invoicing and payment collection through two options: PathPay Insured and PathPay Agency. Powered by Ascend, PathPay is designed with agents in mind and is flexible and easy to use. Any small commercial agent using Pathpoint can set up PathPay in just a few minutes and access a range of powerful tools to save time on their accounting operations. These include digital payment options to eliminate payment errors, live access to payment status, and a book of business dashboard with policy details and commission statements.
While wholesale business has traditionally been limited to agency bill processes (in which the agency collects payment from the insured first and then remits to the wholesaler), PathPay Insured enables insureds to pay for policies directly. Agencies can bypass involvement in payments entirely and receive commission payouts from Pathpoint.
With PathPay Insured, once an agent sets up their profile and is ready to bind an account, they automatically receive a payment link to share directly with insureds to complete payment. The account will not bind until payment is received. Clients have the option to pay their premium in full or in installments, depending on their preference, and PathPay features built-in reminders to help insureds remit payment on time and avoid policy cancellation.“
Collecting payments directly from insureds is something completely new to the wholesale industry, but it considerably cuts down on agent overhead. We’re thrilled to bring this to every agent using Pathpoint across the U.S.,” said Alex Bargmann, Pathpoint’s CEO. “Pathpoint’s mission is to streamline the small commercial E&S process, and with PathPay, we’re giving agents hours back that they can spend with their clients and on new business.”
PathPay Agency also leverages new PathPay features to deliver a superior payments experience. Agents no longer need to chase insureds for payments, follow up to trace payment status, or reconcile accounting errors, regardless of the PathPay option they choose.“
Ascend is an all-in-one solution for insurance payments,” says Andrew Wynn, Co-CEO and Co-Founder of Ascend. “Starting with agencies, our platform has scaled to support wholesalers/MGAs, modernize their payment infrastructure. Wholesalers can also appoint more agents by allowing them to automate direct bill workflows without increasing overhead to manage these processes. “We’re excited to support Pathpoint in delivering a delightful payments experience to more agents across the US.”
PathPay is now available to any licensed P&C insurance agent across the country binding business through Pathpoint. To learn more about setting up PathPay, check out the documentation on our site.
To learn more about Pathpoint, visit http://www.pathpoint.com.
Pathpoint is the modern wholesaler where insurance agents can get bindable small commercial E&S quotes in just a few minutes. We combine proprietary technology and first-class service to enable strategic partners to give retail insurance agents fast access to quotes from multiple, A-rated carriers in the Contractors, Vacants, Lessor’s Risk, Monoline Property, Restaurants, and Cyber verticals. Pathpoint is licensed in all 50 states and a coverholder at Lloyd’s of London. To learn more about Pathpoint, visit http://www.pathpoint.com
Ascend is the modern insurance payments platform that provides an automated all-in-one solution for invoicing, financing, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating expensive and labor-intensive payment workflows, while providing insureds with the great online checkout and financing experience they’ve come to expect. To learn more, please visit LinkedIn, Twitter or check out https://useascend.com/.