Split Limit Studios, a leading provider of innovative specialty billing solutions in the insurance marketplace, today announced the latest release of its signature pay-as-you-go software, TRUPAY®, enabling the seamless, automatic payment and collection of premiums for insurance policies. The release features new functionality—Grace Period for Payments—giving workers compensation carriers the flexibility to provide their policyholders with a premium grace period to avoid cancellation, and to allow premiums to be paid over the course of any selected timeframe.
“Given the uncertainty faced by businesses around the COVID-19 crisis, our grace period feature gives workers compensation carriers an important tool to help their customers weather these difficult times by delivering much-needed cash flow relief,” said George Kostakos, Split Limit Studios’ CEO. “At the same time, this feature enables carriers to respond to the fast-changing COVID-19 regulatory landscape and any other crisis situation.”
The grace period feature enables a carrier to:
- Quickly respond to emergency regulations to provide policyholders with grace periods so notices of cancellation are not sent;
- Allow premiums to be paid over the course of any timeframe outlined in a regulation;
- Customize a grace period for an individual policyholder at any time—whether it’s an offer to reschedule just one invoice, or to set up an individualized grace period to get a policyholder through a difficult period;
- Have the flexibility to collect all invoiced transactions in the first billing cycle after the end of the grace period, or to collect staggered payments, choosing a number of weeks to delay each payment date; and
- Allow a policyholder to simply pay all grace period invoices at annual audit.
“We are excited to be able to utilize this new feature as we have many insureds dealing with COVID-19 right now. The ability to reschedule premium payments over an extended period of time is critical given that some state regulators have mandated that we allow up to twelve months to repay the grace period premiums,” said Tom Tempeny, Director of Corporate Services at Merchants Insurance.
Julia Gerrity, Manager, Comp-As-You-Go for The MEMIC Group added, “This will be a great feature to help us support our policyholders during this difficult time by providing cash flow assistance to those in need. And the fact that we continue to get payroll data to calculate invoices helps keep our internal accounting systems in sync.”
ABOUT SPLIT LIMIT STUDIOS
Split Limit Studios differentiates its SaaS technology from the competition with insurance expertise, excellent customer service, a focus on security, and a commitment to deliver on its promises. They have over twenty customers, including eight Tier 1 carriers and three workers compensation state insurance funds. They receive data from hundreds of payroll companies and are the only pay-as-you-go software vendor partnered with Intuit and their 1.4 million payroll customers.
Split Limit Studios’ signature solution, TRUPAY®, improves the cash flow of policyholders, provides agents with a flexible payment plan to offer their clients, increases payroll companies’ customer retention and reduces operating costs for carriers. Split Limit Studios’ product roadmap includes continued focus into expanding connectivity with payroll companies to make it easy to submit payroll data to all the workers compensation carriers who rely on TRUPAY® for their pay-as-you-go programs.