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The smart way to manage billing, invoicing, and reconciliation for MGAs, Wholesalers and Insurers.
Functional Finance helps you get operations right.
Focus on growth and automate the rest.
Create any payment plan, streamline premium collection and simplify the reconciliation process on all invoices.
Understand your program at a more granular level and give your distribution partners and markets access to their book of business with you.
Manage commissions and payments with auto-generated statements and real-time data. Choose between using your existing bank process or our payout service.
"We’ve walked in your shoes and are uniquely positioned to make managing finances as easy as possible."
"Our engineers are unmatched in solving insurance finance challenges, delivering cutting-edge solutions for success."
CFOs gain full control and visibility over financial processes with real-time data and reporting. Functional Finance provides a clear line of sight into finances and FP&A, enabling better strategic decision-making with end-to-end automation, robust financial controls, and built-in compliance features.
Functional Finance simplifies and automates daily financial tasks, enabling operations and accounting managers to work more efficiently. With near real-time data synchronization and automated workflows, back office managers can eliminate manual data entry and reduce errors, refocusing their time on more strategic initiatives and projects.
Functional Finance simplifies the IT team's workload by offering seamless integration with existing systems, essential security features, and scalable solutions. Our platform's API and data mapping capabilities ensure smooth data flow between AMS, PAS, data warehouses, and G/L systems, minimizing downtime and reducing maintenance efforts.
Distribution partners get unparalleled access to critical financial data, enhancing transparency and collaboration with their MGAs, wholesalers and capacity providers. With a user-friendly interface and detailed reporting, distribution partners can easily track transactions, monitor financial performance, and ensure timely payments. Functional Finance fosters stronger partnerships within the distribution ecosystem by serving as the system of record for payment data related to policies.
Policyholders can easily access up-to-date information on their policies and make payments directly through the platform. This streamlined process enhances convenience and transparency, making it easier for individuals to manage their payment obligations and stay informed about the financial status of their coverage.
Innovators and industry leaders use Functional Finance to run healthier businesses.
"When you’re responsible for billions of dollars in coverage for thousands of policyholders nationwide, you need to ensure that the whole ecosystem runs with precision. With Functional Finance's platform, I can visualize the entire flow of funds and make data-informed decisions in real-time. Before, during, and after the launch, they made it clear that our priorities were their priorities. We feel valued by the Functional Finance team from the top down."
"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. They give us the confidence to scale our business without increasing our back office expense or operational complexity to support that growth."
“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.”
“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.”
“Working with previous payment vendors that don't specifically service the insurance world, it was nearly impossible for them to understand our unique requirements and workflows. There's a ton of complexity in terms of accepting payments, splitting them into the right operating and trust accounts, and dealing with reconciliation for payments. Functional Finance understands all of this and has mapped their system to our needs in a highly effective manner.”
Designed to help you speed up and save money to run your business.
Functional Finance is a SaaS platform designed to automate billing, reconciliation, and money movement for MGAs, wholesalers, and carriers. It enhances efficiency and financial clarity with features like digital invoicing, omnichannel payments, automated payables, treasury management and comprehensive reporting (to name a few).
Functional Finance is the only platform that supports any module or plan. We handle all payment combinations, including direct bill, agency bill, net or gross commission, installment payments, and pay-in-full options, giving your customer the flexibility to pay how they want and freeing you from the headache of managing it all.
No, but it significantly reduces their workload. Functional Finance automates many tedious tasks such as billing, payments, and reporting, allowing your back office team to focus on higher-value activities. This efficiency boost means your team can accomplish more in less time, enhancing overall productivity.
We combine enterprise-class security features with comprehensive audits of our applications, systems, and networks to ensure customer and business data is always protected. We are SOC II Type 2 certified to protect your business and your customers.
Implementation can be completed in as little as 6 weeks, tailored to your operation's complexity. Our process includes a deep dive into your workflows, precise configuration of policy line items and products, and seamless setup of technical requirements.
Yes. Our solution seamlessly integrates with any tool, including policy admin systems, general ledgers, and other components of your tech stack. Some customers even eliminate costly tools during onboarding. We guarantee a smooth workflow without any disruption to your current set up or workflows.
All Functional Finance customers have access to a dedicated Customer Success Account Manager. You'll receive prescriptive guidance, custom training, hands-on configuration, tech support, and comprehensive implementation services to ensure your team is set up for success from day one.
We’re excited to get you started! Your first step is to schedule a live demo with us to discuss your needs. After answering all your questions, we’ll provide a custom quote, and put you on the fast-track to streamlined financial operations. Fill out the form to book your free demo at your convenience.
Functional Finance joins forces with Insillion to bring cutting-edge solutions to the E&S market.
