Platform claims it can cut manual work by up to 90%
Software provider Comulate has announced the launch of a revenue automation and intelligence platform for large insurance brokers and agencies.
The platform automates direct-bill processes, cutting manual work performed by broker accounting teams by up to 90%, the company said. The software also automatically identifies missing commissions and provides revenue intelligence through real-time forecasting, variance tracking and other features.
“Broker CFOs and COOs consistently tell us they’re losing several percentage points of revenue between labor-intensive accounting processes and missing commissions, especially within employee benefits,” said Jordan Katz, co-founder and CEO of Comulate.
Comulate said it worked closely with its initial clients, using their input to improve the platform.
“Firm leaders repeatedly said they couldn’t accurately forecast or track variance,” Katz said. “Meanwhile, producers often said they lacked visibility to understand how and for what they’re being paid, reducing trust and distracting them from selling and driving top-line growth. On many levels, these revenue challenges spider-crack throughout an agency, requiring production and service teams to participate in the revenue process. Our incredible broker partners have directly framed our mission to deliver world-class revenue tools for broker finance teams.”
Comulate integrates directly into major AMS, CRM and ERP software, enabling automatic reconciliation of disparate carrier and broker data and posting of reconciled transactions to an agency’s ledger, the company said. The platform also improves AMS data quality by allowing accounting teams to automatically update policy data based on information present in a carrier statement.
“Comulate can connect to multiple agency management systems and create a uniform revenue automation and intelligence layer by auto-routing revenue and driving visibility of revenue in real time,” Katz said.
“The value Comulate has brought to our firm is beyond any software I’ve seen on the market,” said Kamini Patel, director of business operations for Cobbs Allen/CAC. “We receive carrier statements as PDFs and spreadsheets. In the past, it could take hours to fully process some of them. Now we upload all of those directly to Comulate, and within seconds, the software extracts and auto-reconciles commissions to policies and then posts to Applied Epic.”
Patel said that Cobbs Allen/CAC had already reduced manual direct-bill work by more than 85% – and this continues to improve each month.
“Comulate has actually solved what everyone said there was no hope of solving,” she said. “We went from planning to hire more dedicated people for this role to significantly reducing the time it was taking our already-stretched-thin team. Comulate changed the equation.”
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