NIC Premium Finance Partners with ePayPolicy to Make Financing at Checkout Easier for Insurance Industry
AUSTIN, Texas, June 27, 2025 /PRNewswire/ -- NIC Premium Finance has partnered with ePayPolicy to make their premium financing solutions for insurance companies easier to access for the industry.
Since the start of the COVID-19 pandemic, e-commerce customers have grown increasingly familiar with "Buy Now, Pay Later" (BNPL) options at checkout - the retail equivalent of installment plans. Companies like Affirm and Klarna have become globally recognized brands, as a surge in online shopping helped the top 5 lenders in that space grow 970% from 2019 to 2021 (source - CFPB).
With ePayPolicy's latest feature release, Finance Connect, NIC Premium Finance can now offer the same level of convenience when paying premiums online.
The convenience of BNPL at checkout has been estimated to increase conversion rates by 20-30%, as well as increasing cart value by 30-50% (source). But unlike new BNPL entrants, many PFCs have long standing existing relationships with their partners and need no justification for the value they bring.
"Our team at NIC Premium Finance is always looking for ways to make purchasing commercial insurance more streamlined and efficient," said Kris Gustafson, President of NIC Premium Finance. "Finance Connect is a great way for insurance agencies to provide their insureds with an option to pay their commercial insurance premiums in full or utilize our services to finance their policies at checkout."
By utilizing ePayPolicy's new feature, NIC Premium Finance's customers can now elect to finance, make down payments, and e-sign PFAs - in a single online session, utilizing secure connections to NIC Premium Finance's quoting systems and popular industry management systems.
"We believe Finance Connect will assist insurance agencies to streamline the payment process by integrating a financing option at the point of sale, thus creating efficiencies and reducing payment collection headaches," added Gustafson."
Finance Connect - Key Features
- Allows insurance companies to work with their existing PFC partners
- Premium financing options presented at checkout alongside pay in full options
- Simplified financing enrollment and upfront terms for insureds
- Easily generates consolidated premium finance agreements (PFAs)
- Send professional digital quotes with financing with Quotes & Invoices feature
About NIC Premium Finance, LLC
NIC Premium Finance, LLC has been providing commercial insurance premium financing services since 1965. Premium finance is a great way for businesses to manage cash flow without tying up traditional lending options, such as lines of credit, for insurance needs. We work with agencies and MGA's to bridge the payment gap for commercial insurance policies. Learn more: nicpf.com
About ePayPolicy
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy's products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 7,500+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com
Media Contact:
Justin Jaksha
397103@email4pr.com
844-372-9300
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SOURCE ePayPolicy