You Already Know the Pain

Insurance is, at its core, a financial product. Customers hand you money upfront so it’s there to make them whole later. That’s not just customer service. It’s capital management. It’s trust. It’s stewardship of billions on behalf of others.

Which makes it all the more jarring that insurers still run financial operations like it’s the 1990s: spreadsheets, tribal knowledge, and manual reconciliations no one dares disturb.

We’ve seen this movie before. And we know how it ends.

You don’t need another lecture on inefficiency. You live it every day. Finance teams juggle cash flows across carriers, MGAs, wholesalers, and agencies with tools better suited for office admin than financial infrastructure.

Now, put the scale in perspective:

• U.S. P&C insurers wrote over $850 billion in premiums last year.
• Globally, P&C premiums exceed $1.1 trillion.
• That rivals the global fintech sector’s peak market cap.

Meanwhile, banks manage $22 trillion in assets with decades of automation and oversight. Insurers, who are entrusted with oceans of customer money, still rely on duct tape systems and tribal knowledge.

Billing delays are routine. Premiums sit idle in accounts that don’t earn interest. Carrier remittances wait weeks for manual reconciliation. Commissions hide in files named “Commissions_FINAL(3).xlsx.”

If a fintech startup ran billions this way, it would be a scandal. In insurance, it’s just another Tuesday.

Billing and Cash Flow: The Wedge You Can’t Ignore

Underwriting strength can’t paper over broken finance operations. A 92% combined ratio means little if cash gets lost in the system.

You already feel it:

• Agents judge you by billing accuracy. One mistake and they place business elsewhere.
• Customers only know you through their bill. Smooth billing builds trust; errors drive churn.
• Growth stalls without flexibility. New products, new programs, new states: all require billing that scales.

Billing isn’t back-office. It’s the wedge where trust is won or lost.

What a Modern Financial Backbone Looks Like

Imagine if your finance team could stop surviving spreadsheets and start steering growth. That means:

• Automated cash flow. Money in and out without clerical gymnastics.
• Real-time visibility. No blind spots across partners or accounts.
• Reliable controls. Systems as auditable as capital markets.

This isn’t “nice to have.” It’s what it means to run insurance like the financial product it is.

The Risk of Standing Still

Sticking with duct tape doesn’t just cost efficiency. It puts your business at risk.

• Distribution risk: Producers remember who pays cleanly and who doesn’t.
• Customer risk: For most policyholders, billing is the relationship. One bad bill = one lost customer.
• Growth risk: Without modern billing, every expansion multiplies the complexity you already dread.

Inaction isn’t neutral. It’s a slow leak of trust, margin, and market share.

Where Functional Finance Fits

At Functional Finance, we built the platform to solve the ugliest, most undeniable wedge: billing. Today, MGAs and carriers use us to automate billing, payments, and reconciliation so they can stop playing whack-a-mole with spreadsheets and start operating like the financial institutions they already are.

Billing is distribution. Billing is customer experience. Billing is growth.

If you’re ready to stop running billions on CTRL+F and duct tape, let’s talk.

-Rush