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Description
Facio delivers AI-driven software infrastructure tailored for specialty insurance entities, including Managing General Agents (MGAs). Our innovative platform, FacioMGA, caters to the entire policy lifecycle, encompassing submission intake, risk classification, underwriting, quoting, binding, policy issuance, endorsements, billing, commissions, compliance, reporting, renewals, and integrations. Clients can customize products, rating rules, eligibility standards, workflows, documents, and permissions without the need to overhaul technology for each individual program. Additionally, Facio provides independent solutions for surplus-lines tax and fee computation, SIC/NAICS classification, sanctions screening, actuarial tasks, and automated workflows for carrier declinations. Our Org2vec technology establishes a memory backed by evidence, linking policies, contracts, financial records, assets, suppliers, cybersecurity frameworks, and operational data. Meanwhile, Facio Eigen introduces a zero-trust control framework that enforces permissions, rules, approvals, and audit trails for AI-enhanced decisions and actions. By leveraging these advanced technologies, we empower organizations to streamline their operations and enhance compliance.
Description
Functional Finance serves as the engine for insurance billing and payments, managing the flow of money once a policy decision is finalized. Positioned between the policy management system and the general ledger, it processes policy events such as bindings, endorsements, cancellations, and reinstatements, executing the corresponding financial commitments with precision. The system adeptly oversees billing, invoicing, payment collection, cash application, treasury routing, and the payables for distribution partners, accommodating various models like agency bill, direct bill, installments, and premium financing. Payments are systematically applied at both the policy and line-item levels, ensuring that commissions and remittances remain aligned while maintaining an auditable trail for every transaction. Consequently, this results in a financial operations system that is aware of policy details, replacing the need for manual reconciliation with streamlined and scalable processes that enhance operational efficiency. Ultimately, the integration of these functionalities fosters a more reliable and transparent financial environment within the insurance sector.
API Access
Has API
API Access
Has API
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Integrations
No details available.
Integrations
No details available.
Pricing Details
$65/mo./user + cloud
Free Trial
Free Version
Pricing Details
No price information available.
Free Trial
Free Version
Deployment
Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook
Deployment
Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook
Customer Support
Business Hours
Live Rep (24/7)
Online Support
Customer Support
Business Hours
Live Rep (24/7)
Online Support
Types of Training
Training Docs
Webinars
Live Training (Online)
In Person
Types of Training
Training Docs
Webinars
Live Training (Online)
In Person
Vendor Details
Company Name
Facio
Founded
1600
Country
United States
Website
www.facio.io
Vendor Details
Company Name
Functional Finance
Country
United States
Website
functionalfi.com