FORT LAUDERDALE, Fla., Aug. 23, 2016 /PRNewswire/ -- Patriot Technology Solutions, Inc. (PatTech), a subsidiary of Patriot National, Inc. (NYSE: PN), today announced that New Jersey Manufacturers Insurance Company (NJM), will implement InsurePay, a pay-as-you-go billing tool, to help ease the payment process for its workers' compensation customers.
NJM, founded in 1913, is the largest workers' compensation insurance provider in New Jersey.
"We are pleased that another leading workers' compensation carrier has recognized the value of InsurePay," said Jeff Harris Executive Vice President – Business Development at Patriot National. "We applaud NJM, a longstanding company that has been operating in the insurance industry for over 100 years, for their vision to implement leading-edge technology that both increases efficiency and goes beyond what many carriers offer."
"NJM was founded over 100 years ago to provide policyholders with cost effective, safety conscious and financially secure workers' compensation insurance coverage. We continue that purpose today, and also strive to help policyholders manage their workers' compensation premium payments by providing multiple payment options. InsurePay will drive value to our policyholders by eliminating the estimation of traditional workers' compensation premium plans and allowing them to better manage cash flow," said MaryLou Mattera, Manager, Commercial Business Process Improvement at NJM.
"As we anticipated, InsurePay is proving to be a major disruptor in the workers' compensation marketplace," said Steven M. Mariano, CEO of Patriot National. "We continue to capitalize on growth opportunities as carriers recognize the competitive advantage our technology solutions offer."
Through its secure, cloud-based SaaS platform, InsurePay enables businesses to pay their premiums each pay period based on actual payroll rather than generated estimates. This accurate and flexible approach reduces operational costs for insurance carriers and policyholders as well as benefitting agents with a competitive product. Through real-time processing, policyholders can reduce or eliminate large down payments and avoid year-end audit discrepancies, and insurance carriers are able to eliminate billing, collections and auditing costs.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, self-funded health plans and employment pre-screening services to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
About Patriot Technology Solutions, Inc.
Patriot Technology Solutions (PatTech) is a leading provider of technology solutions for the property and casualty insurance industry. PatTech focuses on insurance solutions that spotlight a full core insurance suite solution with implementation expertise and including; professional and consulting services and enterprise data analytics with a cloud-based SaaS model. PatTech delivers solutions that provide carriers with premium growth, policyholder retention while lowering their cost of acquisition and reducing their overall servicing cost. Patriot Technology Solutions is headquartered in Fort Lauderdale, Florida with offices worldwide. For more information about PatTech, please visit www.ptsglobal.com.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "Guidance," and similar expressions are used to identify these forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause actual results to differ materially from those indicated in these statements. For example, our solutions may not perform as anticipated, as well as those matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance or events and that results may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
Media and Investor Contact:
Director of Investor Relations
Patriot National, Inc.
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SOURCE Patriot National, Inc.