Exactuals Launches Innovative Product to Streamline and Modernize Insurance Commission Payments
Already a leader in innovative solutions for complex payments in the entertainment industry, Exactuals is expanding to the insurance industry
February 6, 2020
LOS ANGELES — Exactuals, a leading provider of cloud-based payment services, today announced it will launch PaymentHub for Insurance, a modern SaaS, high-tech product that will streamline insurance commission payments.
The platform delivers commission and compensation payment processing, deep analytics capabilities, and online engagement tools for insurance carriers, brokers, third-party administrators (TPAs), provider networks and producers. Easy to use, PaymentHub is comprehensive and feature-rich. Its modular design offers single sign-on with fast, accurate and transparent payments.
PaymentHub for Insurance offers a unique automated system that replaces a company’s outdated payment process, reducing or eliminating the need for costly paper checks and reporting. Exactuals’ system provides payments and reporting functions with greater security, accuracy, transparency and speed. Firms can process global payments through operating accounts at Los Angeles-based City National Bank, which purchased Exactuals in 2018 and has been helping the firm grow to serve more clients in the entertainment industry. This is the first time Exactuals has expanded to a new industry.
“PaymentHub for Insurance is an example of how we’re working together with City National to modernize and broaden our product offerings,” said Mike Hurst, chief executive and co-founder of Exactuals. “This revolutionary product will transform the insurance commission payments space and provide our clients with a comprehensive, simple and secure solution.”
“We’re all about driving efficiency, and helping our clients achieve more through simplified digital processes,” said Linda Duncombe, executive vice president and chief marketing, product and digital officer at City National Bank. “PaymentHub for Insurance is another significant way we can use innovative technologies to strengthen our relationships with clients and provide them with better, faster and more customized service.”
The new service is white-labeled and customizable for client branding. The portal does not require clients to replace their existing systems, but sits on top of them, providing rich, integrated reporting. The user may easily filter statement information created with real-time data analytics.
More information and an overview video are available for insurance carriers, agencies, brokerages and other organizations at https://www.exactuals.com/industries/insurance.
The payment service:
- Modernizes the customer experience quickly, in a few weeks versus years.
- Increases efficiency and saves money by eliminating checks, printing and manual processes.
- Increases transparency with drill-down statements.
- Improves production with custom data analytics dashboards.
- Increases customer satisfaction through faster payments.
- Eliminates the frustration of waiting for telephone help.
- Provides bank-level security for payee registration and payments.
As the insurance industry adapts to fast-evolving technology, problems of integration and communication remain, frustrating policyholders and insurance professionals alike. PaymentHub solves for many of these issues.
“The very scope of information causes confusion and wastes both time and money,” said Andrew Mauritzen, Exactuals’ chief financial officer and head of insurance. “Too much is still done manually,” he said. “For example, an insurance company may have several employees who spend much of the day answering agents’ questions about payments. PaymentHub for Insurance solves these frustrations by providing a central solution that helps insurance companies handle compensation, administration and other payment-related services.”
“We partner with our clients and go deep into their workflows to solve the core problems facing the industry,” says Ilie Ardelean, chief product officer (CPO). “Today, we’re solving for transparency and self-service within commission payments, and together with our customers, we’re pursuing a critical roadmap for further efficiency. Our clients are in the driver’s seat, and they get the early opportunity to differentiate themselves.”
For an image of Hurst, go to: https://www.cnb.com/content/dam/media_newsroom/images/Mike-Hurst.jpg
For an image of Mauritzen, go to: https://www.cnb.com/content/dam/media_newsroom/images/Andrew-Mauritzen.jpg
For an image of Ardelean, go to: https://www.cnb.com/content/dam/media_newsroom/images/Ilie-Ardelean.JPG
Founded in 2011, Exactuals is a Software as a Service (SaaS) company modernizing the way large organizations make and receive payments in the burgeoning information age, whether the other party is an employee, non-employee, client, or customer. Currently serving the entertainment and online marketplace industries, Exactuals is now making its PaymenthHub available to other industries, starting with insurance.
Exactuals is headquartered in Los Angeles, California, with offices in Nashville and New York. It is a wholly owned subsidiary of City National Bank and the Royal Bank of Canada. For more information, please visit www.exactuals.com.