Revolutionizing Insurance Finance with Functional Finance Qorus-NTT DATA Innovation in Insurance Awards 2025- Nominated

Insurance is unique—there’s no physical product, just a promise backed by financial transactions. Yet, managing the financial side of insurance has remained complex and highly manual, often relying on outdated processes and overwhelming spreadsheets. Billing, premium financing, and reconciliation are prone to human error, leading to inefficiencies and long hours for back-office teams.

Functional Finance solves this challenge. Led by Rashmi Melgiri, the co-founder of CoverWallet, which was acquired by Aon in 2020, Functional Finance’s platform offers solutions that simplify invoicing, premium payments, collections, reconciliation, and more.

Functional Finance acts as a tech layer that seamlessly connects policy administration systems with accounting platforms. This integration enables real-time financial tracking, automates payment processing, and eliminates errors, ensuring that policies remain accurate and current.

By streamlining financial workflows, Functional Finance eliminates delays, reduces manual work, and enhances the overall efficiency of insurance operations. Enabling the industry to catch up with technological advancements and making insurance operations more seamless and cost-effective.

The result? No more miscalculations, no more long nights—just a smarter, more functional way to manage insurance finances.