InsurePay platform improves cash flow during COVID-19 crisis

InsurePay, which allows insurance providers to offer pay-as-you-go billing for workers’ compensation and general liability policyholders, has announced that its billing platform for the workers’ comp industry allows businesses to pay premiums based on real-time payroll wages, improving cash flow during the COVID-19 outbreak.
InsurePay’s Pay-As-You-Go platform calculates workers’ compensation premiums based on actual payroll data rather than estimated annual payroll amounts. This results in more accurate premium payments each pay cycle. Therefore, customers’ insurance expense matches their cash flow.
“COVID-19 is forcing many companies to reduce payroll overnight,” said Gex Richardson, chief administration officer of InsurePay. “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.”