#None #Insillion #Functional Finance #MGA Billing

Insillion and Functional Finance's Game-Changing Collaboration

In a significant move for the insurance technology sector, Insillion, a provider of cutting-edge policy administration software, has announced a partnership with Functional Finance. This collaboration introduces a fully integrated billing and policy administration solution tailored for Managing General Agents (MGAs) and insurance carriers. This innovative technology combines the strengths of Insillion's robust cloud-based policy management platform and Functional Finance's sophisticated API-driven billing system, setting a new standard in operational efficiency.

The Solution

This integrated system promises to provide MGAs with a cohesive workflow that encompasses policy management, claims, and billing. The synergy of these two advanced platforms allows MGAs to unleash their full potential, enabling them to launch products faster, scale operations confidently, and reduce friction throughout their processes.

As Raja Raman, CEO of Insillion, emphasized, “MGAs need technology partners who understand their challenges and can move as fast as they do.” With a shared vision of enhancing user experience, this partnership seamlessly blends their respective expertise. Insillion has meticulously chosen Functional Finance for its industry-revered capabilities in billing, coupled with a modern API architecture that ensures automation of complex financial tasks.

Why This Matters for MGAs

The implications of this new partnership are significant for start-up MGAs, who will now be able to configure their products swiftly, conduct rigorous testing in sandbox environments, and deploy a comprehensive policy and billing solution in mere weeks. Furthermore, established MGAs will experience greater customization at an enterprise level, benefiting from the integrated systems that work in concert, ensuring efficiency and accuracy in billing, policy, and claims.

Rashmi Melgiri, Co-Founder and CEO of Functional Finance, remarked on the potential of this venture: “By merging our billing expertise into Insillion's PAS environment, MGAs gain the unification of a flexible policy administration system and a complex billing system.” This alignment is anticipated to empower MGAs, enhancing their performance and positioning in the competitive marketplace.

Operational Advantages

The new integrated solution is available for deployment now across both specialty and excess and surplus markets (ES), allowing MGAs to automate back-office functions and expediting distribution efforts. The combination of these two advanced technologies grants MGAs an unprecedented capability to scale without restrictions, streamlining their operations and optimizing the customer lifecycle.

Founded on the belief that the insurance industry needs innovative solutions to meet modern demands, Insillion has been a leader in delivering insurance technology across diverse regions including North America, India, and the Middle East for over twenty years. Insillion specializes in providing low-code, cloud-based solutions under a Pay-as-you-Grow model, which offers rapid product launches, quicker transitions from quote to binding, and the integration of AI to enhance process automation.

In parallel, Functional Finance’s reputation for handling financial operations in tech-centric insurance firms is well-established. Their API solution simplifies the flow of funds, covering everything from checkout processes to handling ES tax compliance, ensuring MGAs can trust the accuracy and scalability of their operations. With acumen drawn from industry veterans, including a co-founder of CoverWallet, Functional Finance stands at the forefront of insurance operations software.

Conclusion

The partnership between Insillion and Functional Finance marks a monumental leap towards transforming the insurance landscape for MGAs. By offering a robust solution that emphasizes speed, accuracy, and customization, these companies are not just enhancing operational efficiency but are also paving the way for innovative financial solutions in the industry. As this integrated MGA billing and policy administration solution becomes available, it heralds a new era for insurance technology focused on empowering MGAs to thrive in a competitive environment.