Due to its specialized nature and complex risks, the E&S insurance market demands agility, distribution, and precise underwriting. This partnership combines Insillion's expertise in streamlining product launches, distribution, and underwriting with Functional Finance's financial operations platform, offering MGAs a comprehensive solution to scale operations and eliminate friction.

Insillion’s cloud-based Policy Administration System provides E&S MGAs with the flexibility to align with market needs, enabling product modifications while supporting integration with third-party risk data, enhancing underwriting accuracy, and improving risk selection for E&S MGAs, allowing them to offer customized policies for hard-to-place risks. Functional Finance’s API-driven embedded solution automates all aspects of money flow, from checkout and financing to payables and refunds. This automation is critical for E&S MGAs, where tax handling and invoicing can vary significantly depending on distribution partnerships. Functional Finance supports diverse operational models, automating invoicing, remitting, and reporting of E&S taxes.

“Our partnership with Insillion is a game-changer for E&S MGAs. We automate the hindering headache by removing the friction of manual payment tracking, cancellation tracking, and remittance. That, paired with Insillion’s Pay-as-You-Go software, enables MGAs to scale and launch products faster,” Rashmi Melgiri, CEO and Co-Founder of Functional Finance, says.

Raja Raman, CEO of Insillion, said: 'Following the launch of our Pay-as-you-Grow MGA software, we identified a strong need for an integrated billing and PAS solution for the MGA market. So, we partnered with Functional Finance to provide a comprehensive platform that streamlines MGA operations.

The partnership aims to help MGAs improve back-office operations, enhance decision-making, and strengthen broker relationships by reducing turnaround times and providing scalable, efficient solutions.