Customer Story
Trust accounts built to the binder. Yield on the float.†
Every account, accounted for
Assureful’s new program couldn’t launch without trust accounts built to its binder conditions. Through Advance’s bank-sponsored program, it got them in place quickly, launched the program, and the balances now earn up to 3% APY.†
“Even if the float’s going to be 0.5%, still better than what I’m getting today.”
Rohit Nair · Founder, Assureful Insurance
Launched
New program unblocked
It couldn’t go live without the right accounts
To spec
Binder-ready accounts
Required naming and monthly statements
40+ hrs
APY on premium float†
Up from 0% at the old bank
Instant
Time to value
Rohit "saw value instantly," with no tech changes
Company
Assureful Insurance, Managing General Agent
Focus
Insurance for e-commerce sellers (Amazon, Shopify)
Accounts
Four premium trust accounts
The challenge
Binder conditions required fiduciary trust accounts with specific naming, monthly statements and documentation. A traditional bank quoted an upfront fee plus an annual fee, while Assureful's existing accounts became nearly unusable after an acquisition. And the balances earned nothing.
The solution
Through Advance's bank-sponsored program, Assureful opened premium trust accounts, set up with the account naming and monthly statements its binder conditions require. Balances that sat idle now earn yield†, and its existing systems stayed as they were.
Background
Assureful is a VC-backed MGA that builds insurance products for online merchants selling consumer goods, including Amazon and Shopify sellers. For certain programs, binder conditions require fiduciary trust accounts with a specific naming format, monthly statements and regulatory documentation.
The search for the right accounts
When Assureful prepared to launch a new program in July, the program couldn't go live without a properly structured trust account. At the same time, its legacy bank accounts had become nearly inoperable after that bank was acquired: visibility dropped sharply, and the founder lost the ability to operate the accounts, even after an in-person branch visit with full documentation. With steep upfront and annual fees quoted for new trust accounts elsewhere, there was no viable path forward.
“Advance is the FinTech layer on top of an institution. They’re not the bank. … You’re getting what you need. And you’re getting a float.”
Rohit Nair · Founder, Assureful Insurance
Why Advance
Founder Rohit Nair had already looked at the traditional route: a bank quoted an upfront fee plus annual fees to open trust accounts, and his existing accounts had become nearly impossible to operate. Through Advance’s bank-sponsored program, he could open premium trust accounts set up to his binder requirements, with yield on the float and zero disruption to existing operations.
Implementation and time to value
Onboarding was "near instantaneous," and the team saw value "instantly," with no changes to Assureful's technology stack or workflows. Assureful now runs two programs through Advance and expects its float to keep growing as its full program portfolio comes online.
Confidence in a newer platform
Moving premium to a newer platform can feel like a risk for insurance professionals used to legacy banks. Rohit addresses it directly with peers: the funds are held at an FDIC-insured bank,‡ and Advance is the technology layer on top of it, not the bank. His advice to other MGAs comes down to simple math: even a modest yield beats balances that earn nothing.
What changed
Financial
Premium float now earns yield, up from 0% at the previous bank†
Up to 3% APY available on trust balances†
Value from the first day on the platform
Operational
Accounts set up to meet binder naming and statement requirements
No changes to existing systems or tech stack
Value from the first day on the platform
Strategic
Unblocked a new program launch
Deposits held at OMB Bank, Member FDIC‡
Positioned to scale as more programs launch
Advance is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC.
‡ Deposits are held by OMB Bank and are eligible for FDIC insurance coverage; FDIC insurance covers the failure of an insured bank, and pass-through insurance applies only if specific conditions are met. Annual Percentage Yield (APY) of up to 3% is available on eligible accounts, varies by account balance and agreement, is accurate as of 9/1/2026, and is variable and subject to change. Fees, terms and conditions may apply. Customer results and quotes reflect individual experiences and are not a guarantee of future results.
† Up to 3% APY is the maximum advertised rate; actual yield varies by account balance and agreement, and actual results will vary. Customer name, logo, quotes and figures used with permission.
