Bulldog Insurance partnered with Ascend to automate all their agency bill payment workflows such as invoicing, endorsements, and premium financing – leading to an increase in their bottom line due to operational efficiency and an increase in premium financing revenue.
Highlights
- 10% increase in annual premium finance revenue
- Saved 60% on operational expenses through accounting automation
- Increases in financing revenue and reduction in overhead boosted agency bill revenue by 25%
- Increases in financing revenue and reduction in overhead boosted agency bill revenue by 25%
- Simple endorsements and financing workflows and a significant reduction in redundant agency management of carrier/MGA payables
About Bulldog Insurance
Headquartered in Georgia, Bulldog Insurance Agency was founded in 1992 and since has grown to write insurance in 41 states with over 35 national carriers. Focused on being a relationship-driven and passion-filled agency to provide excellent, honest, and immediate services to their clients, Bulldog chose Ascend to increase their agency’s efficiency, especially for their commercial lines business.
Challenges
Commercial trucking insurance is a unique and challenging space due the range of client sizes (from independent trucker to large fleet) with frequency of endorsements and cancelations – this significantly increases resources needed to collect payments, offer premium financing, and reconcile books at the end of month.
End-to-End Solution
Instead of a fragmented solution with a network of partners to support agency bill, Ascend is the single solution that not only simplifies agency bill workflows, but also consolidates all the data into a single dashboard. This provides Bulldog Insurance with real-time transparency into the status of all invoices, endorsements, cancelations, refunds, and carrier payables – allowing them to better serve their clients and operate as an agency.
Results
Increased premium financing revenue by 10%
Easy Workflow = More Opportunities for Revenue
Account managers are able to create checkout links that offer both premium finance and pay in full options – saving time on both the “how do you want to pay” conversation as well as drafting premium finance agreements. With Ascend, we were able to offer both payment options for all their clients, no matter their size, without any extra effort, resulting in a 10% increase in revenue from financing.
Saved 60% on operational and accounting expenses
Automated accounting
With Ascend, our agency bill payments process was simplified to be more like direct bill. Ascend automatically nets our commissions and funds our wholesalers/carriers, saving Bulldog Insurance from managing those workflows.
Payments solution that meets the needs of Insurance Agencies
Modern, self-service dashboard
Ascend’s dashboard gives the power back to the agency to quickly help clients when they need it. In the past we may have had to reach out to partners to help with policies, with Ascend, we can process endorsements, edit loan terms and pay schedules, and update customer payment info all by ourselves.
Modernize your workflows with ascend today!
Case study provided by Ascend. Click here for original case study.
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