BlogInsurance Industry TrendsWorkers' Compensation

SmartPay: Finally, A Pay-as-you-Go Workers’ Compensation Billing Solution

Workers Compensation Billing Solution SmartPay allows Pay as you Go Options for Billing

Workers’ Compensation billing is often confusing, time-consuming and expensive even for the most seasoned agents. ADP has long been the only option and the biggest name in Worker’s Comp payouts, but competitors are beginning to enter the field and the landscape is changing . If you’re looking for a simple solution offering better customer service, improved cash flow management, and reduced audit risk, SmartPay PayGo may be the answer you need. 

Let’s take a look into SmartPay and how it can help you offer your customers a better Workers’ Compensation billing solution, then reach out to us for more help with SmartPay. 

What is SmartPay?

SmartPay is a pay-as-you-go billing solution providing technology, processes, and support to hundreds of insurance carriers, agents, policyholders, payroll providers, and self-insured groups. 

SmartPay PayGo allows for pay-as-you-go insurance coverage in many lines, including Workers’ Compensation. SmartPay integrates with most payroll providers, so many of your customers can enjoy seamless integration with SmartPay. 

When you meet with your clients to bind their Workers’ Compensation policy, you can also ask them about their payroll provider. If your customer’s payroll provider is not offered as an option in ICON and the customer doesn’t want to self-report, SmartPay’s Reporting Service (SPRS) allows you to offer pay-as-you-go reporting. 

There is an annual $130 fee and a short form to complete to enroll in the program – after that is complete, SmartPay Reporting Service does the work and reports payroll automatically. Enjoy the increased accuracy offered with SmartPay!   

What are the benefits of SmartPay PayGo?

SmartPay PayGo can help agents offer many benefits to their customers: 

Workers’ Compensation premiums are based on actual payroll, not estimates.

Using SmartPay, companies can expect to pay more accurate premiums since they are based on actual payroll, not just rough estimates. 

Allows you to stay with your current agent.

Using SmartPay means you can stay with your current agent who already knows your business and writes your other policies. The current agent has all your other policies and details handy, so it can be more efficient to stay with the same agent for Workers’ Compensation coverage. 

Payments are spread out, leading to easier cash flow management.

With SmartPay, premium payments are made as payroll is reported throughout the year. This means the pain of shelling out a chunk of your budget in a large initial payment to the insurance company is eliminated. Instead, your payments are spaced out throughout the policy term making it more predictable to manage. 

Audit risk is lowered (could reduce your credit risk too).

SmartPay PayGo means you’ll have fewer surprises when audit time rolls around. Since the premium is based on the actual payroll expenses, there shouldn’t be any surprise make-up payments during an audit if employees have been appropriately classified. This increased accuracy can also help reduce your credit risk

Premiums are paid automatically.

With PayGo, premium payments are withdrawn automatically and are based on actual payroll in real-time – this means you don’t have to remember to send a check or spend time paying the Workers’ Compensation premium. PayGo saves time and reduces the risk of a lapse in coverage from non-payment since premium payments are withdrawn automatically. 

There is no down payment.

 Whaaaat? That’s right, SmartPay PayGo has a zero-down payment, unlike many other options. With no large lump sum due at policy inception paired with the pay-as-you-go methodology, it is a more affordable option for many to use SmartPay. 

Stay with your current payroll provider.

SmartPay PayGo integrates with over 700 different payroll providers, so your provider may be already integrated. If not, the SmartPay Reporting Service makes it simple to integrate a new payroll provider, or you can elect to self-report your payroll. 

Avoid getting bounced around by a customer service call center.

The customer experience is critical in all insurance interactions – especially ones involving billing. When you have questions about your coverage or your premiums, we can help. Calling for help when using SmartPay results in one quick response to your questions instead of getting bounced around a large call center and hearing multiple possible answers. 

SmartPay Payroll Billing Benefits Agents, Too

The best part is payroll billing isn’t just good for customers – it benefits you as the agent, too. Helping your customers enroll in SmartPay means you have more opportunities for selling, more renewals, and more time to spend on new business. These benefits mean more ways for you to maximize your earnings. 

Once your customer decides to enroll in payroll billing, the steps are simple. 

  1. Select your customer’s payroll provider in ICON if they’re already using an integrated provider. 
  2. If they’re not using an integrated provider, ask them to use SmartPay Reporting Service (they’ll enroll using a simple form). 
  3. If the customer doesn’t want to share their information via the reporting service, they can still use SmartPay but must manually input their data for each billing cycle. 

With all of these benefits, there’s no reason not to get started today using SmartPay. Let us show you how easy it can be to enjoy the benefits of an integrated Workers’ Compensation billing system. If you’re an agent it’s an easy conversation to have with your customers – with the pay-as-you-go billing, accuracy in reporting and the options to stick with current providers, customers are typically keen to at least know more if not enroll on the spot. We’ll give you ways to get the conversation started. 

How to Get Started with SmartPay

It is easy to get started using SmartPay PayGo for your Workers’ Compensation coverage. If you’re interested to know more, reach out to us and find out how to enroll with one easy form.