Ft. Lauderdale, FL – Patriot Technology Solutions, Inc., a subsidiary of Patriot National, Inc. (NYSE: PN), recently announced the launch of InsurePay PlusTM, an innovative payroll-based payment solution for workers’ compensation policy holders that utilize premium financing. InsurePay Plus allows these policyholders to take advantage of its pay-as-you-go billing tool.
Many workers’ compensation policyholders secure premium financing in order to improve cash flow and avoid the demand for large deposits at policy inception or renewal. InsurePay Plus allows premium financing companies to reduce policyholders’ upfront deposits by accurately reflecting payments based on policyholder’s actual payroll rather than estimated payroll. InsurePay Plus also simplifies administration for policyholders and reduces audit discrepancies, and its electronic billing process improves collection rates and minimizes administration costs for premium financing companies.
“Together premium financing and InsurePay Plus allow policyholders and carriers to significantly improve their cash flow related to workers’ compensation premiums,” said Jeff Harris, Executive Vice President – Business Development of Patriot National. “The burden of upfront deposits for policyholders and the potential for bad debt exposure for premium finance companies are significantly reduced using InsurePay Plus.”
InsurePay Plus’ industry-leading solution is currently available for workers’ compensation policies financed by FIRST Insurance Funding, one of the largest premium finance companies in the U.S.
“We are very pleased to work with Patriot to provide our premium financing services. This relationship allows us to highlight our commitment to creating complete financial solutions for the insurance industry,” said Frank Burke, Chairman of FIRST Insurance Funding. “We look forward to lending our expertise and experience to this new product offering.”
“The launch of InsurePay Plus demonstrates our ability to address critical market needs with new innovations that will increase the adoption of our leading technology solutions and expand our customer reach,” said Steven M. Mariano, Chief Executive Officer of Patriot National.
Source: Patriot National