New York, NY – April 9, 2025 – Functional Finance, a provider of financial operations software for tech-forward insurance companies, and Insillion, a provider of Pay-as-you-Grow insurance software for carriers and Managing General Agents (MGAs), today announced a strategic partnership aimed at empowering MGAs in the Excess & Surplus (E&S) insurance market.

Due to its specialized nature and complex risks, the E&S insurance market demands agility, distribution, and precise underwriting. This partnership combines Insillion's expertise in streamlining product launches, distribution, and underwriting with Functional Finance's financial operations platform, offering MGAs a comprehensive solution to scale operations and eliminate friction.

Insillion’s cloud-based Policy Administration System provides E&S MGAs with the flexibility to align with market needs, enabling product modifications while supporting integration with third-party risk data, enhancing underwriting accuracy, and improving risk selection for E&S MGAs, allowing them to offer customized policies for hard-to-place risks.

Functional Finance’s API-driven embedded solution automates all aspects of money flow, from checkout and financing to payables and refunds. This automation is critical for E&S MGAs, where tax handling and invoicing can vary significantly depending on distribution partnerships. Functional Finance supports diverse operational models, automating invoicing, remitting, and reporting of E&S taxes.

“Our partnership with Insillion is a game-changer for E&S MGAs. We automate the hindering headache by removing the friction of manual payment tracking, cancellation tracking, and remittance. That, paired with Insillion’s Pay-as-You-Go software, enables MGAs to scale and launch products faster,” Rashmi Melgiri, CEO and Co-Founder of Functional Finance, says. 

Raja Raman, CEO of Insillion, said: "Following the launch of our Pay-as-you-Grow MGA software, we identified a strong need for an integrated billing and PAS solution for the MGA market. So, we partnered with Functional Finance to provide a comprehensive platform that streamlines MGA operations."

The partnership aims to help MGAs improve back-office operations, enhance decision-making, and strengthen broker relationships by reducing turnaround times and providing scalable, efficient solutions.

About Functional Finance

Functional Finance provides financial operations software serving tech-forward insurance companies. The platform is an API-driven embedded solution to help operators automate and own all aspects of money flow from checkout and financing through payables and refunds. With a founding team, including the co-founder of CoverWallet, Rashmi Melgiri, the company was founded to provide solutions specifically developed for operators of businesses in the insurance industry through an integrated insurance-specific platform. To learn more, visit: functionalfi.com.

About Insillion

Insillion is a provider of insurance technology for carriers and Managing General Agents  (MGAs) across North America, India, the Middle East, and APAC. With over 20 years of industry experience, Insillion empowers carriers and MGAs with API-driven SaaS and a Pay-as-you-Grow pricing model, enabling rapid product launches, faster quote-to-bind, and AI-powered process automation with no upfront costs. Built with insurance at its core, Insillion’s low-code, cloud-based solutions help carriers and MGAs modernize operations, automate workflows, and scale efficiently. To learn more, visit: www.insillion.com.

Media Contact:

Steven Patrick
steven.patrick@mid-century-marketing.com