INSURICA Direct streamlined payments to improve efficiency by 25%
Ascend helps us improve the way we do business. Optimizing our agency bill process improves both our operational efficiency and elevates the client experience.
About INSURICA
INSURICA is a privately held business comprised of retail insurance agencies, program administrators, and risk pool managers that specialize in core industries and business disciplines and share their expertise with the entire group.
From construction to healthcare, energy to education and beyond, INSURICA’s industry-specific knowledge and extensive experience gives the company valuable insight into its clients’ unique and often-challenging needs.
Challenges
INSURICA Direct, the digital division of INSURICA inc., sought a better way to streamline payment options for agency bill policies post placement creating a more efficient and compliant experience. The existing workflow was slow and cumbersome – causing a lot of extra work for the team and poor experience for clients.
Ascend saves me a couple hours every day! I love having the transparency of when carriers are paid, and the results have been wonderful.
Solution
Ascend was implemented to streamline agency bill premium collections for INSURICA Direct – allowing for a single workflow for a client’s chosen payment method (credit card, ACH, or premium financing). Ascend was also responsible for managing the distribution of carrier payables once funds were collected.
The INSURICA Direct team now has a unified workflow, accelerating the speed at which INSURICA Direct can bind policies and collect premiums for agency bill policies.
Results
Previously, teams had to collect the customer’s information, run the payment (CC or ACH), wait for funds to be applied, request insurance policy binding from the carrier, and then send the invoice to the accounting department.
Following review, the OKC accounting department would then issue payment to the carrier. Now, Ascend automates the end-to-end payments lifecycle from collecting premiums per a client’s payment preference, provides the approval workflows to automatically fund payments to carriers, and distribute the remaining commission portion to INSURICA Direct when payments are collected.
With Ascend, INSURICA Direct can have a fast turnaround between customer payment to carrier funding and commission payouts. This hands-off process reduces the time spent on administrative operations while providing a best-in-class experience for their clients while bringing additional security to the payment process.
Built with, and trusted by,insurance teams.
Ascend is a big step forward for us - before, it was hard to answer any payment question from agents. Now, we have full transparency and know what was paid, how, and when with complete accuracy.