THE FINANCE FUNCTION FITNESS TEST
Check health here
At the heart of your insurance company, finance plays a critical role in reducing risk and stimulating growth. But as the CFO, do you have complete control over increasingly complex processes? Don’t let fragmented systems and manual processes stop finance operating at the top of its game. Assess your function’s fitness levels now.
We use a single, highly automated treasury management solution, hosted and managed in the cloud, giving us visibility into cash and risk.
NO
CAN YOU FULLY AUTOMATE YOUR TREASURY AND RISK MANAGEMENT PROCESSES?
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YES
With disparate legacy systems and data sources, we lack the automation and visibility we need to efficiently control cash and risk.
A treasury management solution helps centralize our view of cash. While our digital payment hub handles our high volumes of domestic and cross-border payments. Both of these solutions give us greater cash visibility and control over liquidity and fraud.
DO YOU HAVE A CENTRALIZED VIEW OF ALL YOUR CASH FLOWS?
With multiple ERPs, payments systems, manual processes, we find it difficult and costly to monitor and control high volumes of transactions.
A managed cloud-based solution and bank communications channel help securely connect our treasury and payment solutions to banks, via Swift and other networks.
CAN YOU QUICKLY AND EASILY CONNECT TO NEW BANKING PARTNERS?
We rely on our IT team to connect us to each of our banking partners, which can be a slow, costly and complex process.
Integrated web-based software helps us not only save money automating B2B payments but also earn rebates on virtual cards.
HAVE YOU AUTOMATED YOUR ACCOUNTS PAYABLE PROCESS?
We still make a lot of B2B payments by check and manage accounts payable activity with manual processes.
We automate our credit-to-cash cycle with a single system that uses workflows, AI and collaboration tools to improve our cash flow.
WHAT ABOUT ACCOUNTS RECEIVABLE – HAVE YOU AUTOMATED YOUR CREDIT-TO-CASH PROCESS?
Despite rising collection volumes, we continue to manage receivables with manual processes and disparate systems.
With a single system, we can make same- or next-day payouts to accounts or cards in hundreds of countries, for low, pre-agreed fees.
DOES YOUR TECHNOLOGY LET YOU MAKE SAME-DAY PAYMENTS IN MULTIPLE CURRENCIES?
We can only send funds through traditional banking channels, so payments are often hit by hidden charges, FX fees and delays.
Centralized, highly automated reconciliation processes help us avoid errors, improve efficiency and achieve data integrity and compliance.
DO YOU RECONCILE MOST OR ALL TRANSACTIONS WITH A SINGLE DIGITAL SOLUTION?
We run multiple reconciliation systems for different processes and often still use spreadsheets to reconcile data.
Our in-house bank allows us to record internal payments and receipts virtually and reduce our number of banking relationships.
HAVE YOU SET UP AN IN-HOUSE BANK?
We still make intercompany payments physically via multiple external bank accounts.
Our treasury solution brings together relevant data from all our corporate systems, for centralized and potentially automated hedging.
CAN YOU ACCESS ALL THE DATA YOU NEED TO HEDGE INTEREST RATE AND FX RISKS EFFECTIVELY?
See your results
We struggle to get hold of the data we need to either fully understand or efficiently hedge our exposure to interest rate and FX risks.
Your operations may still be more fragmented and manual than they should be, but you’re far from alone. Many other insurers are only starting to transform their finance processes and discover how an expert technology partner can help them support growth. The prognosis is good. With a robust ecosystem of insurtech and services, you can rapidly reduce complexity, increase accuracy and control, and better manage cash and risk for less cost.
digital fitness is in reach
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You’ve gone a long way toward the modern operating model you need to optimize efficiency, security, visibility and control. But could you go further? By digitizing, rethinking and streamlining even more processes across the finance function, you’d be in an even healthier position to reduce risk and drive growth.
You're in great shape
Congratulations
