Toronto, Ontario, November 26, 2019 – The Wawanesa Mutual Insurance Company, Canada’s largest Property and Casualty Mutual insurer, has adopted the ClearPay brokerage payment and reporting platform. This will support Wawanesa and its independent broker community in their mutual goal of providing exceptional customer service to current and future Wawanesa policyholders.
ClearPay saves brokers time and money by eliminating cheques, adopting electronic payments and automating repetitive tasks in the payables process. The platform enables brokerages to electronically pay their monthly premium payables and policy down payments, while seamlessly and automatically transmitting reporting data from their broker management system. The first phase of the ClearPay implementation will accommodate broker bill transactions, while direct bill payments will come online later.
“ClearPay is fully customized to the needs of the insurance industry and our valued broker partners,” said Graham Haigh, VP Broker Distribution, Wawanesa Insurance. “By creating new efficiencies in the payment cycle through digital technology, we help brokers improve their business models while creating a better experience for their customers who are Wawanesa policyholders. It’s a win-win.”
“With Wawanesa adopting ClearPay, now any broker, any size with any bank can benefit from our platform,” said John Knotek, Chief Executive Officer of ClearPay. “Bringing efficiencies to the payment and reconciliation process provides brokerages more time to focus on their customers.”
For carriers, ClearPay provides a comprehensive view of payments and their status, which improves the entire payment process. By standardizing the settlement data that carriers receive, ClearPay ensures incoming funds can be easily associated with the policies being paid.
“Through future integration with our Guidewire platform, straight through posting will become a reality,” said Tracy Riley, Vice President Business Transformation, Wawanesa Insurance. “The standardization of inbound reporting from our broker partners, with no additional work on their end, is good for brokers and good for us.”
The Wawanesa Mutual Insurance Company, founded in 1896, is the largest Canadian Property and Casualty Mutual insurer with $3 billion in annual revenue and assets of more than $9 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With over 5,000 employees, Wawanesa proudly serves over two million policyholders through regional offices and service offices in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. Learn more at www.wawanesa.com
ClearPay is an independent Canadian company created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. For more information connect with ClearPay on Twitter or LinkedIn or visit clearpaycanada.com.
Phone: 647 494-3884
The Wawanesa Mutual Insurance Company