#USA #San Francisco #Ascend #Flood Insurance #Annex

Collaboration to Enhance Flood Insurance Accessibility

The dynamic partnership between Ascend and Annex marks a significant advancement in the flood insurance sector, providing homeowners with greater access to essential protection against the risks posed by floods. Ascend, a leading provider of automation software tailored for the insurance industry, has expanded its collaboration with Annex, an innovative managing general agent (MGA) specializing in high-risk flood insurance.

Flood insurance has always been a critical line of defense for homeowners, especially those residing in flood-prone areas. However, many homeowners have struggled to secure this vital protection due to the requirement of paying premiums in lump sums upfront—a barrier that can deter even the most cautious owners. In recognition of this challenge, Ascend and Annex have developed a premium financing solution designed to ease the financial burden on homeowners, making flood insurance coverage more accessible to those who need it most.

Charlie Sido, the Co-Founder of Annex, highlighted the issue of low adoption rates for flood insurance, even in high-risk zones. He stated, "Homeowners policies typically do not cover floods, making it crucial for residents in these areas to obtain separate flood insurance. Our financing offering aims to make these policies affordable by allowing homeowners to pay their premiums over time. This approach not only broadens our client base but also assists in promoting a culture of preparedness."

Ascend’s platform plays a pivotal role in facilitating this cooperation by automating various processes, including accounts receivable (AR) and accounts payable (AP). This integrated solution enables MGAs, like Annex, to streamline operations and deliver a smooth payment experience to customers. By automating crucial tasks like premium collection and disbursement, Ascend is empowering MGAs to introduce innovative insurance products swiftly, ultimately responding to the evolving needs of consumers and fostering a landscape where insurance becomes a norm rather than a last resort.

Jack Brown, Head of Customer Success at Ascend, expressed enthusiasm about the partnership by stating, "Working with Annex allows us to drive the insurance industry towards new possibilities. We are committed to addressing the barriers that prevent homeowners from securing flood insurance, and through our collaboration, we’re enhancing accessibility to crucial coverage through technology."

This partnership is not just a business strategy; it illustrates a commitment to advancing the industry's standards. Ascend and Annex leverage technology to tackle the challenges that homeowners face in insurance acquisition, particularly in addressing high-risk areas where flood events are common. By introducing flexible payment options and streamlining processes, they aim to increase adoption rates and ensure financial security for more American homeowners.

About Ascend

Ascend offers a comprehensive accounting automation platform that encompasses all aspects of the insurance payment lifecycle. Their services include collection, reconciliation, and disbursement of funds, with businesses noted for their enhanced operational efficiency and improved customer experience. For more information about their transformative solutions, visit www.useascend.com.

About Annex

Annex stands out as a technology-forward start-up dedicated to transforming high-risk homeowners and flood insurance. By employing sophisticated algorithmic underwriting techniques, Annex allows agents to quote and bind policies within minutes, significantly reducing time to coverage and increasing agent efficiency. To learn more about how Annex is reshaping the landscape of insurance offerings, visit www.annexrisk.com.