Digitization is more than a buzzword; it’s a prerequisite for today’s insurers.
But what concrete benefits will a digital transformation bring to your insurance business?
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Trend sheet
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In a competitive market, payments form an increasingly critical part of the insurance life cycle, from premium collections and accounts receivables to payouts and payables. So, as money flows in and out, you need to make your payment operations as smart and efficient as possible.
But all too often, fragmented systems and manual processes cause unnecessary errors and inefficiencies, hampering the organization's ability to provide a modern end user experience and/or capitalize on new payment trends to drive cost savings. To minimize delays and improve your cash flow, it pays to both digitize and connect more processes.
1. streamlined processes
Save money
Traditional ways of paying and communicating with customers are becoming less viable. Although still widely used in the U.S., checks for example cost around $10 dollars apiece for insurers to issue, compared to just $1 dollar or less per electronic transaction.¹
By automating repeatable payment processes and outsourcing the printing and mailing of checks, statements and other critical communications, you can reduce expensive administrative tasks, make more cost-effective use of your team’s talents and create a modern customer experience.
2. optimize costs
Strengthen relationships
Digitization means you can do more for your policyholders. Payouts can be made in near real time, directly to a bank account, credit, debit, prepaid or virtual card. And by settling claims faster, you’ll boost satisfaction and loyalty.
You can also offer more flexibility, by allowing customers to pay for premiums with any card or alternative method, on any device. Plus, a real-time, AI-powered view of your policyholders will help understand their needs and personalize the customer experience.
3. Happier customers
Lower risk
Increase visibility
With so many transactions to manage, insurance operations are complex, not least in the treasury. Centralized digital systems help finance and compliance teams get a clearer view of cash flows and reduce costs, fraud and liquidity risk.
A digital transformation strategy also makes it easier to connect to ERPs, banks and payment providers, achieve compliance and run standardized operations with less risk. You could even automate all your reconciliation processes centrally, for fewer errors and total data integrity.
4. More control
Expanding into new territories means being able to accept premium payments in different jurisdictions and currencies. And you can’t do that unless you hold all the right acquiring licenses.
As part of your digital transformation, teaming up with a global card acquirer cuts through the complexity. As well as processing international payments seamlessly, you’ll be able to support every country’s banking network and payment methods. So, your firm can go global, but feel local to policyholders.
5. Global reach
©2023 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2324137
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, absolute performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index.
About FIS
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS
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In an ever-changing world, you can’t afford to stop renewing and improving your systems and processes. But only with digitized operations can you constantly take advantage of the latest insurtech.
If you’re daunted, you don’t have to do it alone. With cloud-native technology and expert managed services, a digital transformation partner can help you run, optimize and futureproof your systems and protect them from cyberthreats. Then, you’ll always be ahead of customer expectations and competitors.
6. CONTINOUS improvement
Free up resources
Improve integration
Drive automation
Accelerate payout
Cross borders
Step up growth
Stay competitive
Keep evolving
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REASONS TO DIGITALLY TRANSFORM INSURANCE OPERATIONS
Win back time
1. Commerce Bank, The Hidden and Overt Costs of Paper Checks for B2B Payments
2 FIS, The Global Innovation Report 2023
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