Overview

An assigned risk policy is an insurance policy provided through a state-mandated program for individuals or businesses that are unable to obtain coverage in the regular insurance market due to high risk. These policies can be processed through Ascend, however, they require a different workflow than standard policies.

How-to Guide

Step-by-Step Instructions

To create an assigned risk policy in Ascend, these are the steps:

1. First create the policy within the relevant provider portal (ex: NCCI)

   1. Make sure to select pay in full when setting up the policy in the assigned risk portal - you'll create the finance plan later through Ascend.

   2. Designate Ascend ([email protected]) as the Third Party Payer if possible - primarily for NCCI

   3. If not you're not able to set a third party payer, review payout instructions for the specific program in the table below

2. Create the program in Ascend and send our payment link to your insured.

   1. Enter 0% in the commission field, as Assigned Risk carriers won't bind the policy without full payment.

   2. Ensure the application is uploaded to the program in Ascend.

   3. If you aren't able to find the assigned risk program (ie state plan) you need, please reach out to [email protected]

3. Have the insured pay through the Ascend payment link immediately, otherwise, the policy may be canceled by the carrier and you'll have to re-quote.

   1. Ascend will pay the Third Party Payer link/via phone or portal after the insured's payment has cleared - see Payment Timeframes below

4. Ensure your accounting team has approved the payout to the carrier

5. Send the Third Party Payer payment link to [email protected]. If you don't have a third party

6. Contact Ascend again with the relevant carrier's information once a carrier has been assigned to the policy.

Payment Timeframes

The insured has two payment options, which have different processing times:

• Credit Card (recommended): processed instantly

• ACH transfer: processed in 3-5 business days

Since Assigned Risk policy payments are time-sensitive, we recommend your insured pays via credit card for fastest processing. Once the insured's payment is fully processed, Ascend will pay through the Third Party Payer link within one business day. To force a payment via card, see instructions here.

Assigned Risk Programs Guide

If you do not see the program you are attempting to bill for below, please contact [email protected] and we can assist.

Frequently Asked Questions

Can I finance Assigned Risk policies?

Yes, financing is available as long as the policies meet our financing requirements. When creating Assigned Risk policies you must select "pay in full" in the carrier portal - the financing plan (if available) will be through Ascend not the carrier. When the insured pays the downpayment in Ascend, we will fund the gross premium to the carrier.

How does Ascend pay the carrier?

Two payment links will be generated - the link that is created in Ascend is the one you send to the insured for payment. The link that is created by the provider (ex: NCCI) is for Ascend to pay after the insured's payment to us clears.

Ascend will always pay Assigned Risk policies in full, even when the policy is financed.

How do cancellations work for Assigned Risk policies?

Cancellations for Assigned Risk policies are the same as standard policies. You can read more about cancellations and refunds here.

How do renewals work for Assigned Risk policies?

Renewals for Assigned Risk policies are the same as standard policies. You can read more about renewals here.