Digital transformation is about more than keeping up with the times. As the CFO of an insurance company, what benefits can you expect from digitizing your finance systems?
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Drive digital transformation with FIS. Through our ecosystem of cutting-edge insurance software, technology and services, we empower people and processes across treasury, finance and the insurance life cycle.
Economic uncertainty and market volatility have raised the stakes for the finance team. But data fragmented across multiple legacy systems, disparate workflows and manual reporting make it harder to manage cash and risk efficiently and effectively.
A digital treasury solution will bring together data on cash flow and exposures from all your corporate systems, accelerate complex processes and present results clearly and consistently. Now you can make better, faster decisions about the liquidity, interest rate, FX and other risks you face.
1. streamlined processes
With so many banking partners, payment providers and internal systems to transact or exchange data with, connectivity can be a complex, costly challenge for finance and IT.
A secure managed cloud-based solution and bank communications channel will help you connect to banks with less cost and risk by taking care of all the administrative and compliance requirements. With the lastest API technology, you can also connect your treasury management and payment hub solutions directly to ERP systems.
2. Simpler connectivity
It’s never been more important for insurers to reduce overhead. And the more finance processes you can automate and run on cloud-based systems, from treasury and disbursements to accounts payable and receivable, the more you’ll save on manual processes and on-premise hardware.
Now you can replace multiple costly legacy applications, too, such as for cash management and hedging. Plus, you can introduce capabilities like in-house banking, hedge automation and trade consolidation, to reduce your number of bank relationships.
3. lower costs
Digital transformation means you can do more for your policyholders. Wherever customers live in the world, digital payouts can be made in near real time, directly to a bank account or credit, debit or prepaid card.
These faster payment methods allow policyholders to receive funds precisely when they need them, for example to replace lost, stolen or damaged goods or equipment. So, by settling claims more quickly, you’ll make a real difference to customers’ lives and help boost satisfaction and loyalty.
4. Happier customers
Every day, high volumes of payments flow into and out of your insurance company, exposing finance operations to security risks. A payment hub solution will protect you with robust controls for fraud and cybercrime prevention.
Standardized processes and greater automation will also help reduce errors and comply with security, audit and regulatory reporting requirements. For total data integrity, you could even automate all your reconciliation processes centrally with a single AI-powered system.
5. More control
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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.
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.
A manual approach to finance can overload your accounting teams with mundane tasks, taking them away from business priorities like managing cash flow, and reducing processing costs.
With integrated web-based solutions for accounts payable and receivable, you can fully automate and speed up payment cycles to keep costs down, lower risk and free up time for staff to add value elsewhere. Additionally, payables automation can create a new revenue stream by earning rebates on virtual card payments.
6. Added Value
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REASONS TO DIGITALLY TRANSFORM YOUR FINANCE FUNCTION
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