New York State Insurance Fund Implements Patriot Technology Solutions Pay-as-You-Go Billing Tool

Through real-time processing, policyholders can eliminate large down payments and avoid year-end audit discrepancies, and insurance carriers can reduce billing, collections and auditing costs.

(Image credit: Xrmap.)

The New York State Insurance Fund (NYSIF; Albany, N.Y.), the largest workers’ compensation insurance provider in the Empire State, has gone live on Patriot Technology Solutions’ (PTS, Fort Lauderdale, Fla.) InsurePay, a pay-as-you-go billing tool, to provide real-time payment processing for its workers’ compensation customers.

Jeff Harris, executive VP, Business Development, Patriot National.

Jeff Harris, executive VP, Business Development, Patriot National.

“We are pleased that NYSIF, a longstanding workers’ compensation provider for more than 100 years, has recognized the value of InsurePay, a solution that allows them to streamline the delivery of policyholder, payroll and premium data,” comments Jeff Harris, executive VP, Business Development, of PTS’ parent company Patriot National. “NYSIF understands the importance of using best-in-class technology solutions to deliver value to their customers.”

Through what the vendor describes as a secure, cloud-based SaaS platform, InsurePay enables businesses to pay their premiums each pay period based on actual payroll rather than generated estimates. “This accurate and flexible approach reduces operational costs for insurance carriers and policyholders as well as benefits agents with a competitive product,” a Patriot National statement says. “Through real-time processing, policyholders can reduce or eliminate large down payments and avoid year-end audit discrepancies, and insurance carriers are able to eliminate billing, collections and auditing costs.”

Competitive Advantage to Carriers

“Growing adoption of InsurePay by leading workers’ compensation insurers is indicative of the competitive advantage that our technology solutions provide to carriers,” comments Steven M. Mariano, CEO of Patriot National. “We are using our market leadership to capitalize on growth opportunities and invest in cutting-edge technology solutions.”

Patriot National to Launch Risk Management Online Marketplace

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

Leave a Comment

(required)