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Average Ratings 0 Ratings

Total
ease
features
design
support

No User Reviews. Be the first to provide a review:

Write a Review

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.

Description

An integrated solution that offers a comprehensive perspective on the property and casualty insurance lifecycle. Enhance efficiency and save valuable time with an advanced, rules-driven, multi-state underwriting module that automates the gathering of necessary information as well as the generation of quotes, endorsements, cancellations, audits, and renewals. Improve combined ratios by adopting a contemporary and efficient approach to the claims adjudication process, fostering both ease of use and collaboration. Boost new business opportunities by facilitating seamless information exchange with brokers, ensuring that data intake is streamlined and standardized while granting brokers round-the-clock access to essential information. Maintain control over what submissions your underwriters prioritize. Elevate customer satisfaction and retention rates by offering policyholders self-service capabilities for accessing policy details, submitting and reviewing claims, making online payments, and more. Ultimately, you have the flexibility to determine which portal features will deliver the optimal user experience for your clients, ensuring they receive the support they need.

API Access

Has API

API Access

Has API

Screenshots View All

No images available

Screenshots View All

Integrations

No details available.

Integrations

No details available.

Pricing Details

No price information available.
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

Functional Finance

Country

United States

Website

functionalfi.com

Vendor Details

Company Name

Insurium

Founded

2010

Country

United States

Website

insurium.com

Product Features

Product Features

Commercial Insurance

Billing & Invoicing
Broker / Agent Portal
Claims Management
Commission Management
Customer Portal
Document Management
Insurance Rating
Policy Management
Quote Management
Reinsurance Administration
Risk Assessment
Underwriting Management

Insurance Claims Management

CRM
Claims tracking
Customer portal
Document management
EDI data exchange integrations
Electronic claims
Fraud management
Reporting

Insurance Policy

Cancellation Tracking
Claims Tracking
Policy Generation
Policy Issuance
Policy Processing
Quotes / Estimates
Rating Engine
Reinstatement Tracking
Reinsurance Administration
Renewal Management
Underwriting Management

Insurance Underwriting and Rating

Broker / Agent Portal
Carrier Upload
Commercial Lines
Comparative Insurance Rating
Customer Portal
For Casualty Insurance
For Health / Medical Insurance
For Life Insurance
For Personal Insurance
Multi-State
Multiple Line Rating

P&C Insurance

Billing & Invoicing
Broker / Agent Portal
Claims Management
Commission Management
Customer Portal
Document Management
Insurance Rating
Marketing Automation
Policy Management
Quote Management
Reinsurance Administration
Underwriting Management

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