ClearPay is an independent company that was created by professionals with years of experience in the insurance industry to address the issue of sending payments and account current data between brokers and carriers.  What we had been hearing from 100’s of brokerages and carriers across Canada was the overwhelming need for an automated electronic payment solution, that standardizes the entire payment process.  Something that brokers could use to pay carriers electronically for small and large amounts, immediate payments or payments due months out, be the same process for every carrier and low cost.  Quite simply, the industry needs to move away from the manually intensive process that exists with payments and data being sent in as many ways as there are brokers.

 

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.