(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.
“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.”