FORT LAUDERDALE, Fla., Nov. 7, 2016 /PRNewswire/ -- Patriot Technology Solutions, Inc., a subsidiary of Patriot National, Inc. (NYSE: PN), today announced the launch of InsurePay PlusTM, an innovative payroll-based payment solution for workers' compensation policy holders that utilize premium financing. InsurePay Plus allows these policyholders to take advantage of its pay-as-you-go billing tool.
Many workers' compensation policyholders secure premium financing in order to improve cash flow and avoid the demand for large deposits at policy inception or renewal. InsurePay Plus allows premium financing companies to reduce policyholders' upfront deposits by accurately reflecting payments based on policyholder's actual payroll rather than estimated payroll. InsurePay Plus also simplifies administration for policyholders and reduces audit discrepancies, and its electronic billing process improves collection rates and minimizes administration costs for premium financing companies.
"Together premium financing and InsurePay Plus allow policyholders and carriers to significantly improve their cash flow related to workers' compensation premiums," said Jeff Harris, Executive Vice President – Business Development of Patriot National. "The burden of upfront deposits for policyholders and the potential for bad debt exposure for premium finance companies are significantly reduced using InsurePay Plus."
InsurePay Plus' industry-leading solution is currently available for workers' compensation policies financed by FIRST Insurance Funding, one of the largest premium finance companies in the U.S.
"We are very pleased to work with Patriot to provide our premium financing services. This relationship allows us to highlight our commitment to creating complete financial solutions for the insurance industry," said Frank Burke, Chairman of FIRST Insurance Funding. "We look forward to lending our expertise and experience to this new product offering."
"The launch of InsurePay Plus demonstrates our ability to address critical market needs with new innovations that will increase the adoption of our leading technology solutions and expand our customer reach," said Steven M. Mariano, Chief Executive Officer of Patriot National.
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.
About FIRST Insurance Funding
As one of the largest premium finance companies in the U.S., FIRST Insurance Funding Corp. has built a reputation for superior service, innovation and flexibility. Financing more than $6 billion annually, FIRST provides financial services to the commercial P&C marketplace, including premium financing, customized billing solutions and agency lending programs, as well as life insurance premium financing for high net worth individuals. Backed by unmatched technology, FIRST products afford insurance industry clients the ability to grow and increase their profitability. FIRST is a subsidiary of Wintrust Financial Corporation, a more than $25 billion financial services holding company, with a common stock traded on the NASDAQ Global Select Market.
For more information, visit www.firstinsurancefunding.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 Contacts:
Director of Investor Relations
Patriot National, Inc.
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SOURCE Patriot National, Inc.