Wawanesa adopts ClearPay’s brokerage payment and reporting platform
The Wawanesa Mutual Insurance Company, Canada’s largest Property and Casualty Mutual insurer, has adopted the ClearPay brokerage payment and reporting platform. This will support Wawanesa and its independent broker community in their mutual goal of providing exceptional customer service to current and future Wawanesa policyholders.
ClearPay saves brokers time and money by eliminating cheques, adopting electronic payments and automating repetitive tasks in the payables process. The platform enables brokerages to electronically pay their monthly premium payables and policy down payments, while seamlessly and automatically transmitting reporting data from their broker management system. The first phase of the ClearPay implementation will accommodate broker bill transactions, while direct bill payments will come online later.
“ClearPay is fully customized to the needs of the insurance industry and our valued broker partners,” said Graham Haigh, VP Broker Distribution, Wawanesa Insurance. “By creating new efficiencies in the payment cycle through digital technology, we help brokers improve their business models while creating a better experience for their customers who are Wawanesa policyholders. It’s a win-win.”
“With Wawanesa adopting ClearPay, now any broker, any size with any bank can benefit from our platform,” said John Knotek, Chief Executive Officer of ClearPay. “Bringing efficiencies to the payment and reconciliation process provides brokerages more time to focus on their customers.”
For carriers, ClearPay provides a comprehensive view of payments and their status, which improves the entire payment process. By standardizing the settlement data that carriers receive, ClearPay ensures incoming funds can be easily associated with the policies being paid.
“Through future integration with our Guidewire platform, straight through posting will become a reality,” said Tracy Riley, Vice President Business Transformation, Wawanesa Insurance. “The standardization of inbound reporting from our broker partners, with no additional work on their end, is good for brokers and good for us.”
