Insurance automation software provider Ascend has expanded its collaboration with Annex, a managing general agent (MGA) known for high-risk homeowners and flood insurance.
This expansion offers a “premium financing solution” for residential flood policies, enabling homeowners to secure coverage against floods with ease.
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The partnership leverages Ascend’s platform, which features integrated agency and direct bill capabilities, to ensure that MGAs such as Annex can provide a smooth payment process for their clients.
Through automation of the collection, financing and disbursement of premiums, Ascend enhances the capacity of MGAs to offer insurance products swiftly.
Annex co-founder Charlie Sido said: “Since homeowners policies typically do not cover floods, adoption rates for flood insurance are very low, even in high-risk areas. One of the main reasons is that flood insurance policies must be paid entirely upfront, creating additional financial burden for many homeowners. We wanted to offer financing to make coverage accessible to a wider range of homeowners. Ascend was able to help us deliver on this vision as well as provide a single platform to automate all our AR/AP [accounts receivable/accounts payable] processes.”
Ascend customer success head Jack Brown stated: “With Annex, we are pushing the industry forward to reimagine what is possible. I am thrilled to partner with them and support their innovative work in improving flood insurance accessibility through technology.”
Annex utilises algorithmic underwriting and capacity to help agents quote and bind high-risk homeowners insurance.
In October 2024, the company partnered with wholesale brokerage QuoteWell to improve MGA accounting and payment workflows.
This alliance aims to modernise the quoting and binding procedures for non-admitted policies.
