Advance provides a banking platform tailored for insurance carriers and managing general agents, offering fee‑free premium accounts with up to 3.25% APY and built‑in fiduciary segregation. AI automates invoice capture, payment reconciliation, and compliance reporting, while an embedded checkout supports premium financing and revenue‑share fees. The service exposes operational, fiduciary, bill‑pay, and card products via APIs, delivering real‑time cash‑flow insight and audit‑ready documentation.
Funding
Funding not disclosed
Founders
Product
Problem
Insurance carriers and managing general agents must juggle fiduciary account segregation, premium financing, and high‑volume payment processing, yet traditional banks provide generic products that lack built‑in compliance and workflow automation. This forces insurers to stitch together disparate tools, increasing operational overhead and exposing them to audit risk.
Solution
Advance delivers a banking platform purpose‑built for the insurance sector. It offers carrier‑funds segregation‑compliant premium accounts that earn up to 3.25% APY with no fees or minimum balances. AI‑enabled workflows automatically capture forwarded invoices, reconcile payments, and post transactions to the appropriate carrier accounts. An embedded checkout layer supports premium financing and revenue‑share arrangements, turning each transaction into a margin‑enhancing opportunity. Real‑time dashboards and AI‑generated compliance reports keep insurers audit‑ready and provide instant insight into cash flow. The service includes operational, fiduciary, bill‑pay, and credit‑card products that map directly to insurance underwriting and claims workflows, all secured to PCI‑DSS standards.
Target Audience
The primary customers are insurance carriers, managing general agents, and MGA finance teams that require segregated premium accounts and integrated payment automation.
Features
- AI‑driven invoice forwarding and payment automation that routes funds to segregated carrier accounts without manual intervention
- Premium accounts with up to 3.25% APY, zero fees, and built‑in carrier‑funds segregation compliance
- Embedded checkout and premium‑financing module that generates revenue‑share fees on each transaction
- Real‑time, AI‑powered reporting suite with automated audit‑ready compliance documentation
- Full‑service banking suite (operational, fiduciary, bill‑pay, credit cards) exposed via RESTful APIs for seamless integration with insurer systems
- PCI‑DSS compliant security architecture with end‑to‑end encryption and role‑based access controls
- No‑minimum, no‑fee account structure enabling immediate use for insurers of any size