Marquee Insurance Group (MIG) boosted team efficiency, decreasing NOCs by 80%
In Notice of Cancellations sent out due to non-pay
Managing back office accounting processes across billing, carrier payables, trust accounting, and reconciliations
By focusing more time on new business and renewals as well as best-in-class servicing experience
About Marquee Insurance Group
Since being founded in 2014, Marquee Insurance Group (MIG) has established itself as a powerhouse in the trucking insurance industry, expanding operations into multiple locations nationwide.
With 100+ years collective experience within the transportation & risk management industry, MIG is positioned to help guide growing trucking companies through various safety and loss prevention measures and risk mitigation techniques.
Challenges
MIG recognized they had bottlenecks in their accounting and financing processes working with their current payments and financing partners.
They wanted to find a solution that could holistically improve back office processes and decrease the amount of time the team was spending on billing, collections, and accounting.
Nate Marquardt
Vice President of Corporate Strategy
Solution
Ascend was used to consolidate all their payments and accounting processes onto one platform.
From the collection of premiums to the disbursements of carrier payables and commissions back to MIG, Ascend now served as the control center of all incoming and outgoing payments, automating many of the repetitive tasks previously burdening the team.
Results
By simplifying the customer experience when invoicing and premium financing, MIG saw cancellations decrease by 80% due to an increase in auto-pay enrollment as well as more on-time payments due to personalized payment reminders automatically sent to clients.
On top of that, the MIG team was able to spend fewer hours managing back office accounting processes across billing, carrier payables, trust accounting, and reconciliations.
This allowed the team at MIG to spend less time chasing down payments and more time focused on new business and renewals. This increased team efficiency let MIG do more with the team they had, improving their financial and operational performance.
Nate Marquardt
Vice President of Corporate Strategy
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