Aflac, the leader in voluntary insurance sales at the worksite in the United States, announced Paylogix, an insurtech company, as Aflac Value Partner of the Year for exceptional innovation and focus that helped drive positive results for the company in 2019.
WESTBURY, N.Y., April 30, 2020 /PRNewswire/ -- Aflac, the leader in voluntary insurance sales at the worksite in the United States, announced Paylogix, an insurtech company, as Aflac Value Partner of the Year for exceptional innovation and focus that helped drive positive results for the company in 2019.
The selection committee for the Aflac Value Partner of the Year identifies the company that significantly decreases costs and increases efficiencies by introducing an innovative cost-saving initiatives. Paylogix assisted AFLAC in re-positioning its 'Specialty Billing Groups' to the Paylogix platform. This platform, known as the Enhanced Billing Solution (EBS), provides AFLAC with the capability to bill individuals within a Group for AFLAC products via ACH/Bank-Draft, Credit Card and Direct Deposit (Split Deposit) billing methods. Paylogix' platform provides an on-line Service Portal with a secure site for applicants/insureds to input payment information and track their policies and payments.
Paylogix also provides AFLAC their own billing and service Portal called The Lite System. This platform allows AFLAC to provide a single bill for AFLAC Group and/or AFLAC Individual Products on a Payroll Deduction basis. This provides a billing system that operates in real time, thus keeping bills accurate and up-to-date. This method facilitates Robot payments 95% of the time, bringing the average time to post payments down to approximately 1 day.
"Our partnership with Aflac delivered significant changes to clients for the insurance fulfillment process," stated Paul Ziats, Business Development Director. "Providing our carriers with faster and more efficient processes has always been a top priority at Paylogix. We lead a legacy of innovation and setting the industry-standard when it comes to insurance technology"
Paylogix is currently celebrating their 25-year anniversary, founded in 1995 by Richard Pfadenhauer. Paylogix works with 24% of the Fortune 1000 and processes over $750,000,000 in premium annually. Paylogix champions the value of electronic enrollment, Consolidated Billing® and Common Remitter® Services. The impact of these innovations can be seen today to make transactions between brokers and insurance carriers flow smoothly. Over the last 20 years Paylogix has worked to improve, refine and perfect its systems and processes to what they have become today.