Pivotal link between your financial and operational frameworks
Faroe acts as the connective tissue that brings your existing technological investments together.
Policy Admin
Payment Processor
Carrier
MGA/MGU
Faroe seamlessly connects with the insurer's policy administration systems (PAS) and payment processors to capture all relevant data in real-time. Embracing a system-agnostic approach, Faroe integrates smoothly with the technology you've built your operations around.
The Payment Listener meticulously tracks and analyzes every financial transaction with unparalleled accuracy, from commissionable and technical premiums to minimum earned and rounding adjustments. It automatically gathers, categorizes, and aligns policy and payment data from programs and carriers, ensuring that all stakeholders have immediate access to accurate information.
Integration with Systems
Data Collection and Alignment
Faroe continuously reconciles incoming funds and policy details, providing instant clarity on revenue versus payables, including endorsements and returned premiums.
Real-Time Reconciliation
How it works
Faroe presents a centralized, real-time view of sales performance, policy distribution, financials, and risk data, allowing programs and carriers to track and manage operations effectively. The dashboard offers a comprehensive overview of your funds flow, proactively answering how much money you have and how much you get to keep.
Comprehensive Dashboard
Automated Disbursements
At the end of each period, the insurer verifies all policies and payments are accounted for, and Faroe facilitates the precise transfer of disbursements between programs and carriers, ensuring all parties receive their due amounts promptly.
