Ascend Premium Finance has been making waves in the industry by leveraging technology for responsible growth. The company has implemented a cutting-edge loan origination system that streamlines the application process, reducing processing times and increasing efficiency.
By automating manual tasks, Ascend Premium Finance has been able to free up staff to focus on more complex and high-value tasks. This has led to improved customer service and a more personalized experience for clients.
Ascend Premium Finance's commitment to technology has also enabled the company to better manage risk and ensure compliance with regulatory requirements. This has given clients greater peace of mind and confidence in the company's ability to manage their finances.
Market Downturn Reinforces Responsible Growth
The changing investment market has forced companies to adapt their strategies.
Ascend Premium Finance has noticed the winds changing and has reacted accordingly.
The company slowed down hiring and has been deliberate about its cost of growth.
By driving efficiency in growth, Ascend Premium Finance is able to achieve its goals without overextending itself.
This responsible approach has allowed the company to navigate the market downturn with greater ease.
Intriguing read: Fidelity Growth Company
Technology and Integration
Ascend's technology has been a game-changer for the company, even in a downturn market year.
Ascend has added many new customers and expanded its market reach after securing $30 million in Series A financing in January 2022.
The company's business model has helped it graduate from Main Street small insurance agencies to larger ones, including those among the 100 biggest US agencies and brokerages.
Ascend's integration strategy is all about becoming more efficient every month, with the company having years and years of capital to invest.
The company is targeting both agencies and carriers by integrating into their existing software systems, including agency management systems and policy administration systems.
Ascend has a bunch of off-the-shelf integrations as well as bespoke ones on a one-off customer basis.
The company's goal is to productize as many integrations as possible so they can be easily configurable for clients.
Ascend relies on open APIs to help build more elaborate integrations when clients have custom systems.
Integration times can vary, ranging from just minutes to at least a few weeks, depending on whether clients choose an off-the-shelf or custom option.
Ascend's billing technology platform will offer NFP's insurance clients an automated, all-in-one solution to financing, collections, and payables.
The platform will eliminate the labor-intensive burdens associated with premium collection, premium financing, and carrier payables.
Ascend's technology is designed for the insurance distribution channel, providing a comprehensive solution that streamlines the insurance life cycle billing and payments process.
The platform provides real-time transparency into the payment workflow, empowering insurance organizations to be more profitable.
For another approach, see: Mortgage Broker Platform
Sources
- https://www.linkedin.com/posts/useascend_premium-financing-report-2022-activity-7034173623347089408-8kJJ
- https://www.coverager.com/ascend-completes-full-integration-with-veruna-providing-automated-invoicing-premium-financing-and-reconciliation/
- https://ffnews.com/newsarticle/ascend-joins-vertafore-integrates-payments-premium-financing-solution-with-ams360/
- https://www.insurancebusinessmag.com/us/news/technology/this-insurance-payments-platform-startup-is-having-a-very-good-year-419930.aspx
- https://iireporter.com/nfp-to-deploy-ascend-financial-technology-platform/
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