(Image source: Ascend website.)
NFP, a New York-based national property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, has entered into an agreement with financial operations automation platform vendor Ascend (San Francisco). As part of the agreement, NFP will deploy Ascend’s billing technology platform, which will offer its insurance clients an automated, all-in-one solution to financing, collections, and payables.
“Our engagement with NFP is a significant step towards achieving our goal of modernizing the financial infrastructure of the insurance industry,” comments Andrew Wynn, Co-CEO, Ascend. “We are committed to delivering a best-in-class experience to NFP and their clients by enhancing the speed and efficiency for managing their accounting and payments workflows.”
By leveraging Ascend’s technology designed for the insurance distribution channel, NFP gains access to a comprehensive solution that eliminates the labor-intensive burdens associated with premium collection, premium financing, and carrier payables, according to an Ascend statement.
Enhancing Client Experience
“NFP’s deployment of Ascend’s all-in-one payments solution across the NFP ecosystem will help streamline the insurance life cycle billing and payments process and enhance our clients’ experience,” acknowledges Dan Salomon, M&A Integration Management, NFP.
Ascend is a financial operations automation platform that streamlines all account receivables and payables related tasks in the agency bill workflow. From collections to premium financing to carrier payables, Ascend handles the time-intensive and operationally expensive activities associated with the movement of premium and commissions through an agency. The platform provides real-time transparency into the payment workflow and empowers insurance organizations to be more profitable, according to the vendor.