Automated FinOps for Insurance
Unify and automate all of your financial operations, workflows, and servicing
without replacing your current infrastructure.
Stop the old way of
"Billing & Accounting"
Outdated and manual processes are preventing you from scaling your business. Functional Finance reduces costs and maximizes efficiency so you can focus on company growth and serving your customers.
Seamless "Money In"
Set billing & invoicing, payment collection and reconciliation on auto-pilot.
Billing & Invoicing: Fully configurable billing logic to create any pay plan. Direct bill? Agency Bill? Pay-as-you-go? Mortgage bill? Premium finance? No problem!
Payment Collection: Own your checkout experience. Offer multiple payment methods and use auto-pay and/or email reminders to reduce non-pays and streamline retention.
Reconciliation: Real time, automatic reconciliation on every invoice and policy. Rely on a built-in credit system for overpayments and return premium.
Automated "Money Out"
Auto generation of commission statements to distribution partners and remittances to carriers with granular real time data.
Statement Generation: Commission payables and carrier payables are instantly created based on each event throughout a policy's life cycle and reported via statement.
Payouts: Execute payments through an existing bank/AP process or opt for our payout service.
Real time Dashboards for Partners & Insureds
Give every one of your distribution partners, markets and insureds access to their specific book of business with you. Allow them to see what you see, reducing time-consuming service calls and emails.
Direct Posting to Accounting System
Integrate directly into your preferred accounting system, ensuring 100% real time accuracy while avoiding manual entry errors and delays.
Why use Functional Finance?
Leverage Current Architecture
Keep your current systems in place while adding automation and real time visibility.
Single Source of Truth
Improve data integrity and avoid human error with a single source of truth for your entire financial operations.
One Solution
Our flexible and configurable platform serves as a holistic approach to all of your billing and accounting needs.
Achieve Next-Level Growth
Increase customer loyalty by giving them what they want: a seamless and convenient payment experience.
Lower Overhead Costs &
Increase Revenue
Reduce service calls by allowing technology to do the work. Grow the business, not the back office.
SOC II Certified
SOC II and PCI DSS reviewed annually ensuring payment processing security and customer data privacy.
What Customers say
Automating our financial operations was a requirement as we launched and evolved our operating model. Functional Finance was the right partner to integrate with due to their 100% configurability and utilization of the latest technology. Their team is staffed with insurance experts who truly understand the myriad of use cases we need to solve within invoicing, payments, and reconciliation. They give us the confidence to scale our business without increasing our back office expense or operational complexity to support that growth.
Cole Riccardi
Founder, CEO
It gave me great peace of mind to use the Functional Finance platform for an easy checkout experience for our customers today, while offering a simple toggle switch when we are ready to distribute our products through agents. And it was so valuable to not have to put resources toward checkout, billing, payables and reconciliation: we can rely on the single integration with Functional Finance and all of its configurability.
Blair Baldwin
Co-Founder, CEO
The Functional Finance platform was the obvious choice for Frontier Risk as we wanted a truly modern tech stack for our MGA and brokerage. Their platform is so much more than simple payment processing or premium financing, which don't address the back office problem. Automating FinOps, from our policy admin to our accounting system, including all billing and reconciliation, allows us to focus on scaling our business while having real time data visibility to help us optimize our business operations.
James Whitcomb
CEO
Become a Customer
Bring the power of Functional Finance to your clients. Contact us today to become a customer.
Certifications & Associations
SOC II Certified
Target Markets Member
Frequently asked questions
Everything you need to know about Functional Finance
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