Agents Growth Academy

64. How to Train Your Algorithm: Integrating Check and Digital Payments for Insurance

October 04, 2022 Jim Schubert
Agents Growth Academy
64. How to Train Your Algorithm: Integrating Check and Digital Payments for Insurance
Show Notes Transcript

Mark Engels, CEO of ePayPolicy, a modern payments platform built just for insurance carriers, brokers, and agencies, has seen the rapid digital transformation of payments firsthand, having spent most of his career leading teams in the space. He sits down with host Jim Schubert today to share the trends he sees changing in end management systems for agencies across the globe and breaks down their valuable service for those who are still receiving a large percentage of their payments in the form of physical checks.


3 Key Takeaways

  • How ePayPolicy is helping insurance agents digitize their receivables no matter the payment, INCLUDING checks.
  • How the company's machine learning algorithm is used to reconcile data from customer remittance advice.
  • How the company's focus on integrating digital payments into the insurance industry is helping agents keep up with industry trends.


Resources

LinkedIn

epaypolicy.com

ePayPolicy’s Checkmate



About Mark

Mark Engels is the CEO of ePayPolicy, a modern payments platform built just for insurance carriers, brokers and agencies. Before ePay, Mark served as the Chief Revenue Officer for Hyperwallet (acquired by PayPal) and then Paya, where he led the sales and growth initiatives for both companies. Mark has seen the rapid digital transformation of payments firsthand, having spent most of his career leading teams in the space.


Get the FREE: Agency Guide To Filling Your Talent Pipeline - agentsgrowthacademy.com/talentpipeline

Show Notes

[00:02:15] - ePayPolicy was founded over eight years ago. Digital payments are still only 20% of the total payments that they receive today. They decided to leverage the integration of AMS systems to automate the reconciliation of checks for the customers who still prefer payper payments. 

[00:12:56] - After 20 years of working in the payments industry, Mark jumped over to ePayPolicy. He's been in and out of some amazing businesses in the last 20 years and he feels insurance as a whole is still behind the rest of the economy.

[00:15:26] - Mike founded Hyperwallet, which was acquired by PayPal. It is now the global cross border admittance engine for all marketplaces at PayPal and is moving upwards of $500 billion a year in volume.

[00:17:14] - There's a push towards digitizing workflows and the associated payments. The time to get money from one place to another could be reduced significantly and with more ease for customers.

[00:20:26] - In his first 14 months as CEO, Mark has enjoyed working with a talented group of people in an industry where there's a real need.

[00:23:14] - Mark answers the questions from AGA’s rapid fire round. 

[00:26:53] - Hustle, grit and perseverance will take you a long way in your career. In his experience, he has come out with some terrific outcomes. 

[00:30:32] - Mark gives advice to his audience on how to improve their digital journey.