Ascend has joined forces with BindHQ, an agency operating system for managing general agents (MGAs), wholesalers and managing general underwriters (MGUs), to transform broker management and financial operations.
Based in the US, Ascend is a financial operations automation software provider.
Ascend’s partnership with BindHQ will leverage the latter’s all-encompassing management technology along with the former’s portfolio of automation solutions to optimise payments and accounting processes.
BindHQ founder and CEO Cristian Joe said: “We’re elevating the insurance financial and operational landscape by integrating Ascend’s cutting-edge technology into BindHQ.
“With a shared vision for innovation and service excellence, Ascend and BindHQ will unlock resources for MGAs, wholesalers and MGUs to be able to increase production and be more competitively positioned.”
Established in 2021, Ascend enables automation of the entire insurance payment lifecycle including collection, accounting, reconciliation, and disbursement.
The firm’s technology simplifies the billing, financing, and accounting processes for insurance businesses. This helps them to reduce time spent on back office administrative duties.
Besides, Ascend supports insurance companies to boost their margins and cash flow by speeding up accounts receivable and accounts payable (AR/AP) processes along with reconciliation and reporting to realise revenue easily.
Ascend MGA/wholesaler sales head Spencer King said: “Our partnership with BindHQ is set to create a market-leading, turnkey solution for any MGA or Wholesaler looking for a full stack operating platform.
“BindHQ’s dedication to an API-first philosophy mirrors our commitment to tech-driven efficiency. Together, our platforms can empower all insurance intermediaries to streamline back-office operations.”
The collaboration will also help MGAs, MGUs, and wholesale brokerages to reduce manual entry and expedite operational workflows.
It will also enable rapid processing and improved payment terms for better financial control as well as enhance data integrity through automation.