Ascend Launches AI-Powered Automated Invoicing

Save time by automatically turning quote documents into digital invoices

SAN FRANCISCO, Aug. 14, 2024 /PRNewswire/ -- Ascend, the leading financial operations automation platform for insurance businesses, announced today the launch of its Automated Invoicing (AI) feature, designed to simplify and improve the invoicing process for insurance agents. Ascend's users can now upload any document into Ascend and leverage AI to automatically read and process data such as carrier, premium, coverage type, commission rate, and generate digital invoices and payment links with one click.

Ascend's Automated Invoicing aims to significantly reduce the time spent on billing and payment tasks as well as reduce human errors by making it easier to directly transform documents like binders into personalized invoices. By leveraging AI, businesses no longer need to rely just on integrations with their management systems to transfer data into the Ascend platform.

"Ascend's Automated Invoicing is a practical application of AI that saves insurance businesses significant time by automating time-consuming administrative work," said Carl Niedbala, National Managing Director - Digital Product Strategy & Innovation of The Baldwin Group. "This empowers insurance professionals to spend time on the uniquely human work of risk management, client relationships and serving complex insurance needs."

"Many of our partners have asked us to make invoice creation as easy as possible", stated Andrew Wynn, co-founder and CEO of Ascend. "We're now able to make this a reality by using AI to read, categorize, and populate the relevant data across all types of binders and carrier quotes. Ascend's invoice creation is now as easy as one upload, continuing our commitment to building solutions that reduce time spent on time intensive manual billing and accounting tasks." 

Key Features and Benefits:

• AI Accuracy: Ensure that invoices match exactly with carrier's quote documents, minimizing errors and discrepancies.
• Time-Saving Efficiency: Eliminate the need to key in policy data manually, allowing employees to focus on more strategic tasks.
• Multi-Document Support: Upload multiple quote documents into one program or handle a single quote with multiple policies, with Ascend automatically splitting and organizing the data as needed.

"Automated Invoicing not only saves time spent manually creating invoices, but it also ensures we collect the right amounts from our clients every time by making sure our invoices always match our carrier quotes - reducing the chances of human error and providing a best-in-class customer experience," said Bradley Flowers, founder of Portal Insurance.

Ascend's Automated Invoicing feature is now live and available to all Ascend customers. To learn more, please visit www.useascend.com.

About Ascend

Ascend is the leading insurance automation platform for the entire payment lifecycle across invoicing, accounting, reconciliation, and disbursement. Businesses using Ascend experience improved operational efficiencies, treasury management, and customer experience - resulting in increased profitability. To learn more about how Ascend can transform your business, please visit www.useascend.com.

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SOURCE Ascend