We are excited to share the NGL Advance Funding team has reached a milestone – over 20,000 claims processed!
Advance Funding (a.k.a. Funeral Factoring or Funeral Assignments in the funeral industry) is a service that NGL offers funeral homes as an at-need service to families. We advance insurance proceeds to pay for funeral services in lieu of the family and funeral home having to wait for a typical traditional carrier turnaround time which could be up to 60 days or more depending on the situation.
The Advance Funding team assesses whether the assignment should be accepted through verifying the insurance coverage with the outside carriers. From there, our team acts as the go between for the carrier, funeral home, and beneficiary to be sure that the rest of the claim process goes smoothly.
Advance Funding began its trial phase in December 2008 with the first claim being processed. It was a pilot program with only a few funeral homes that had requested NGL to offer the service. More funeral homes started using the service and since then, the amount of claims that are processed every month has drastically increased.
Congratulations on the milestone, NGL’s Advance Funding team!