NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Functional Finance, a software platform revolutionizing financial operations (FinOps) for managing general agents (MGAs), insurance companies, and wholesalers, is pleased to announce Hal Schwartz has joined the company as Chief Operating Officer (COO).
"Successfully closing our Series A funding round reinforced what we already knew about the tremendous potential of FinOps automation,” said Rashmi Melgiri, CEO and co-founder of Functional Finance. "Hal's operational expertise, particularly his experience as a client of Functional Finance, brings invaluable experience to the team.”
Melgiri's successful exit from CoverWallet, the previous insurtech startup she co-founded led her to a deep understanding of how important automating back-office financial operations is for a growing agency or insurer. Today, Functional Finance's platform automates and simplifies invoicing, premium payments, collections, and reconciliation, enabling insurance organizations to focus on core competencies.
"The MGAs and insurers coming to Functional Finance need the streamlined financial capabilities that we bring to the table,” said Schwartz. "They expect us to create space for them to get back to the roots of insurance, creating, distributing, and underwriting new products. There are a lot of companies out there, especially in the growing MGA space, that badly need a solution, like Functional Finance, and I'm looking forward to putting my expertise to use in helping to connect those dots.”
Schwartz comes to Functional Finance fresh off a position as COO and General Counsel for Boundless Rider. Prior to Boundless Rider, he held executive positions with prominent insurtechs, including Haven Technologies, Haven Life, and Quilt. Schwartz has a long history in highly regulated industries in the U.S. and international markets.
Functional Finance recently marked an increase of more than 2,500 percent in premium payment volume year-over-year (YOY), reinforcing the increasing demand for streamlined FinOps in the insurance sector, particularly as MGAs, insurers, and wholesalers modernize and scale.
About Functional Finance
Functional Finance is a cutting-edge software platform which revolutionizes financial operations (FinOps) for managing general agents (MGAs), insurance companies, and wholesalers. By automating key financial processes, Functional Finance empowers insurance organizations to focus on core competencies, driving efficiency and growth. For more information, visit www.functionalfi.com.
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