Three Arbor Insurance increased EBITDA by 4% with financial operations automation
By eliminating the repetitive and administrative tasks that occur post policy placement
Due to CSRs spending less time on operations tasks and more time on renewals and new business
By improving margins with the increase in revenue per employee and decreased operational expenses
About Three Arbor Insurance
With offices in Alabama and Georgia, Three Arbor Insurance brings over 50 years of experience to offer specialized solutions for businesses across a wide range of industries.
With today’s ever-changing environment, Three Arbor Insurance is focused on thoroughly assessing business situations to develop a creative, comprehensive, and cost-effective solution for its customers.
Challenges
Three Arbor Insurance was faced with a dilemma: as production grew, the amount of billing and accounting operations grew exponentially, consuming more time and resources, taking away time focused on new business, servicing existing customers and working on upcoming renewals.
David Foster
President
Solution
Three Arbor Insurance partnered with Ascend to streamline accounts receivables and accounts payable processes.
Ascend is now the control center that facilitates all invoicing (financed or paid in full) as well as commissions and carrier payables.
The Three Arbor Insurance team now has a single source for real-time statuses for all incoming and outgoing payments for their agency billed policies.
Results
With the AMS360 integration, the servicing team was able to import customer and policy details directly into Ascend. From there, they were able to create a single invoice link to clients and automatically track the status of pending payments and outgoing carrier payables.
Previously, it was estimated that account managers were spending more than 20% of their time just chasing down missing payments, negotiating premium finance agreements, and ensuring carrier payments went out on time to prevent NOCs.
Ascend has streamlined the payments process between account managers and accounting by providing a real-time dashboard that proactively tracks and notifies the team on all payment status updates as well as simplifies many of the manual back and forth billing and collections tasks.
David Foster
President
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