SARASOTA, Fla., April 16, 2020 (GLOBE NEWSWIRE) -- InsurePay® announced today that its leading Pay-As-You-Go billing platform for the workers’ compensation industry allows businesses to pay premiums based on real-time payroll wages, improving cash flow during the COVID-19 crisis.
Founded in 2003, InsurePay is the leading provider of Pay-As-You-Go billing for the workers’ compensation industry and currently calculates, invoices and moves in excess of one billion dollars in premiums per year. The company is funded by Cerberus Capital Management, L.P. and its affiliates (collectively “Cerberus”) and funds managed by TCW Asset Management Company (“TCW”).
InsurePay’s Pay-As-You-Go solution calculates workers’ compensation premiums based on actual payroll data, rather than estimated annual payroll amounts, resulting in more accurate premium payments each pay cycle. Accordingly, your insurance expense matches your cash flow. As your payroll decreases so does your insurance expense and likewise as business returns and you ramp up your payroll your insurance expense matches, alleviating any fear of huge end of the year insurance audit expense.
Gex Richardson, Chief Administration Officer explained, “COVID-19 is forcing many companies to reduce payroll overnight.” He added, “InsurePay’s Pay-As-You-Go solution allows premiums to be adjusted concurrently with each pay cycle so that businesses can immediately access cash flow that otherwise wouldn’t be available until the end of the year insurance audit adjustment.”
Kevin Littlejohn, Chief Operating Officer added, “In such unprecedented times, we want to do our part to help alleviate the burden of workers’ compensation expenses and increase cash flow as quickly as possible.” He said, “InsurePay integrates with 1,400 different payroll providers, so that transitioning to a more dynamic payment program can occur immediately and without interruption.”
InsurePay’s Pay-As-You-Go solution is delivered through a cloud-based Software-as-a-Service platform and has white label capabilities.
For further information email grichardson@insurepay.com or call at 941-487-5872.
About InsurePay®
InsurePay® enables insurance providers to seamlessly offer the best in class Pay-As-You-Go (PayGo) billing solution available for workers’ compensation and general liability policyholders. Headquartered in Sarasota, FL, InsurePay is Funded by affiliates of Cerberus Capital Management, L.P. and TCW Asset Management Company. With InsurePay, insurance providers can monitor each of their policyholders’ exact premiums for each pay cycle – all through our secure custom branded portal with direct data connections to leading payroll and point of sale companies. For more information, visit www.insurepay.com.