Adapt Launches Late Pay Agent to Automate Payment Collection for Insurance Agencies
Adapt has introduced the Late Pay Agent, an automated solution designed to streamline payment collection processes for property and casualty (P&C) insurance agencies. The tool automates outreach efforts related to late payments, reducing manual follow-ups that often lack consistency or scalability when managed by staff. By handling these tasks autonomously, Adapt allows agencies to focus on higher-value activities while ensuring consistent communication with customers through the agency's own email and phone systems. The Late Pay Agent has demonstrated significant results for early adopters, including a 63% reduction in suspense volume and up to 93% of policies being saved before lapsing. The system charges agencies only when payments are successfully resolved, aligning its incentives with those of the agency. Adapt's solution also reduces errors and exposure by documenting all interactions within an agency’s management system. Industry leaders have praised the tool for improving efficiency and reducing workload on account managers and customer service representatives (CSRs), effectively providing additional capacity to agencies without hiring more staff.
Topics: automated_payments customer_service insurance technology