Moving Money in Insurance

Insurance Journal Podcast

Insurance money. Necessary, but not necessarily sexy. What if the insurance industry could eliminate the manual money chase? Andrew Wynn is on a mission to promote jobs on the production side of agencies, brokers and MGAs rather than “non-revenue-generating roles” like accounts payable and receivable. “The way money moves and transactions happen in insurance is critical,” says Andrew, who co-founded insurtech Ascend. “Commissions, claims, premiums, endorsements, reinsurance all have to be paid. But nobody gets the best loss ratio because they’re the best at payments. Nobody gets to be a top-100 retail broker because their invoicing is stellar.” Yet… By integrating digital invoicing, premium financing and carrier payables, agencies can eliminate manual tasks and reduce operational expenses, allowing them to focus more on serving customers and driving growth, says Andrew. On this recording, he also touches on the proper role for artificial intelligence in the industry.

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