to 100’s of
It was clear that there was a problem in our industry.
We wanted to develop a solution that would make
business easier and safer.
The current process of settling monthly agency bill accounts and one-time payments (midterm policy changes, NSFs on direct bill business) is antiquated and overly complex. Carriers currently invoice amounts that may differ from that in a brokerage’s BMS, the payment process is not secure (with high volumes of cheques being issued by brokerages), is heavily paper based, with countless ways of making payments and the form and format of policy data being sent. All of which takes away value from the operations of brokerages and carriers alike.
ClearPay’s goal is to alleviate the high costs associated with the complexity of the existing multiple processes that brokers and carriers have by automating the payment settlement process. ClearPay provides brokerages with the one step ability to settle all carrier payments electronically and transmit a consistent format of reconciliation data to all carriers, right from the broker management system.