RICHMOND, VA, SEPTEMBER 24, 2018 — Flywire and Allianz Global Assistance today announced a new partnership that mutually benefits higher education institutions and their students by managing and protecting college students’ tuition payments. The new partnership combines Flywire’s turnkey, end-to-end solution for managing tuition receivables, powered by OnPlanU, with the ability for families to purchase the GradGuard Tuition Protection Plan* from Allianz Global Assistance, as an extension of paying their tuition bill electronically. The Tuition Protection Plan can protect families’ education investment in case a student is forced to withdraw mid-term due to a covered illness, injury or other covered reason, such as the death of a tuition payor.
With rising tuition, a growing college funding gap, and increasing concerns about student withdrawals, college students face a lot of hurdles to stay in the classroom and graduate on schedule. Student withdrawals are costly to schools and their families. Eight in 10 families say the financial repercussions of withdrawing could be severe, with an expected loss to be about $10,000, according to the 2018 College Confidence Index by Ipsos and Allianz Global Assistance.
Flywire’s OnPlanU platform removes unnecessary cost and complexity out of the payment and receivables process while reducing the chance of withdrawals due to outstanding accounts. The Tuition Protection Plan offers families a safety net with up to 100% tuition reimbursement in case of unexpected student withdrawals for a covered reason.
“College is typically the second biggest investment a family makes, but many people don’t realize the financial impact of a withdrawal in the absence of tuition insurance. Most families are stretching their finances to pay for four years, so adding even one more semester can put college attainment at risk,” said Joe Mason, Chief Marketing Officer, Americas, Allianz Partners.
Flywire’s OnPlanU provides innovative receivables management solutions for colleges and universities. The solution’s mobile-first technology enables 24/7 access to a focused suite of services that raises the bar for ebilling, domestic and international epayments, and payment plan services. OnPlanU provides a highly advanced student financial services platform, exceptional customer service, and commitment to improving student satisfaction—while saving institutions time and money.
“As the gap between available financial aid and tuition costs grows, students and schools find themselves struggling with tuition management. OnPlanU helps bridge that gap by offering tailored payment plans that students can afford. Our partnership with Allianz now provides students and their families peace of mind knowing that they can be reimbursed for their tuition costs in case of an unforeseen covered event that forces the student to withdraw during a term. We are proud to be able to enhance the student financial experience with this important offering,” said David King, VP of Engineering, Flywire and co-founder of OnPlanU.
With its January 2018 acquisition of OnPlanU, Flywire became the first in the industry to offer an end-to-end solution for domestic and international students with capabilities including invoicing, secure payment processing, consumer engagement, recurring payments, automated payment plans, payment tracking, reconciliation, and past due payments.
In 2016 Allianz Global Assistance partnered with GradGuard to develop the Tuition Protection Plan. Together they’re making it easy for schools to be transparent about costs and disclose their refund policies to each student while providing convenient options to enroll in a modern form of tuition protection. Allianz Global Assistance and GradGuard have established themselves as market leaders in tuition protection programs offered by colleges, universities and technology partners.
James Madison University will be one of the first universities to partner with OnPlanU and Allianz Global Assistance to offer their students the Tuition Protection Plan through the OnPlanU portal. “When a student has to withdrawal unexpectedly, it’s a stressful and uncertain time for the family. It is important to us that families at James Madison University have an easy and affordable way to protect their education investment,” said Linda Combs, Director, University Business Office at James Madison University. “Giving families the opportunity to purchase tuition insurance while they are paying their tuition bill just makes sense.”
1. Ipsos Research conducted this survey in April 2018 on behalf of Allianz Tuition Insurance. For the survey, a total sample of n=2,000 Americans (college students age 17-25, prospective n=500, current n=500; and parents of prospective students 17-25, n=500, and of current students n= 500) were interviewed online.
Flywire is a leading provider of global payment and receivables solutions, connecting over 1,400 businesses and institutions with their customers on six continents. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card and e-wallet solutions, in over 120 different local currencies. Flywire’s scalable platform provides significant savings in currency conversion exchange rates. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking. Flywire is headquartered in Boston, MA with operations in (Chicago), London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.
About Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We serve 35 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers tuition insurance, event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for property and casualty insurers and credit card companies.
GradGuard’s Tuition Protection Plan from Allianz Global Assistance protects both in-state and out-of-state non-refundable college tuition in the event that a student withdraws from school for reasons that include covered illness, injury or psychological/mental disorders. One plan will even provide coverage for almost any unforeseen reason that may cause a student to leave school. Plans must be purchased prior to the first day of the semester and three different plans are available, starting at only $29.95 per term. Plans also include Allianz Global Assistance’s proprietary Student Life Assistance, a 24/7 service that assists families in the event of an emergency. Learn more at AllianzTuitionInsurance.com.
*Terms, conditions, and exclusions apply.
All plans not available in all states. Coverage and limits vary by plan selected. Depending on plan selected, withdrawal due to psychological/mental health disorders may be covered up to between 80%-100% of covered loss, subject to plan’s maximum coverage limit. For plans that include Unforeseen Reason coverage, withdrawals under this coverage may be covered up to 50% of covered loss, subject to plan’s maximum coverage limit. For a complete description of the coverage and specific benefit limits offered under your plan, carefully review your declarations page and insurance policy. Plans are only available to U.S. residents. Insurance coverage is underwritten by Jefferson Insurance Company (NY, Administrative Office: Richmond, VA), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 107-P series. Allianz Global Assistance and Allianz Tuition Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of this plan and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage because of the affiliation between AGA Service Company and Jefferson Insurance Company. Non-insurance benefits/ products are provided and serviced by AGA Service Company. Consumer may be responsible for charges incurred from outside vendors for assistance or concierge services.