THE INSURANCE EFFICIENCY TEST
Assess my firm
The cost of living continues to rise. Consumers and businesses are feeling the pinch. You have to do even more with less if you want to sustain growth and satisfy customers. That’s where innovative digital technology and services make the difference. If you can automate and connect as many critical processes as you can – across the insurance life cycle – you can achieve maximum efficiency. How close are you?
We use a single, highly automated treasury management solution, with a built-in payment hub, to control cash and risk.
NO
DO YOU HAVE A CENTRALIZED VIEW OF ALL YOUR PAYMENTS, CASH FLOWS AND LIQUIDITY RISKS?
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YES
Disparate legacy systems and data sources stop us from getting the visibility we need to effectively manage cash and risk and monitor payments.
We’ve engaged a managed service to 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 manage connectivity with multiple banking partners, which can be a slow, 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've automated 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.
We partner with a global card acquirer that supports banking networks, currencies and local payment methods in most countries.
CAN YOU EASILY ACCEPT PAYMENTS IN ANY CURRENCY OR PAYMENT METHOD?
Whenever we enter different markets, we need to apply for new acquiring licenses and integrate with local banking networks.
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.
Well done – you’ve already passed the halfway mark! Keep going to see how efficient your firm is.
Modern technology allows us to produce, issue and manage pre-paid and virtual cards, and digital wallets, for fast, secure payouts.
CAN YOU PROVIDE AND PAY OUT DIRECTLY TO PREPAID CARDS, VIRTUAL CARDS AND DIGITAL WALLETS?
We’ve never considered prepaid cards, virtual cards or digital wallets as a payment mechanism and don’t have the systems to produce and manage them.
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 parts of the business and often still use spreadsheets to reconcile data.
Most of our applications are either cloud native or have been reverse-engineered and modernized before being migrated to the cloud.
ARE YOU RUNNING THE MAJORITY OF YOUR SYSTEMS IN THE CLOUD?
We still run most of our systems on premise and so far have only migrated a minority of simpler applications to the cloud.
We have both the technology and experience to easily stay ahead of the latest threats and compliance requirements.
DO YOU TAKE A STRATEGIC APPROACH TO FRAUD DETECTION AND CYBERSECURITY?
We protect our operations with software but don’t have all the resources we need to efficiently maintain it or manage threats or compliance.
A third-party provider takes care of the creation, printing and mailing of most or all communications to policyholders, reducing our costs.
HAVE YOU OUTSOURCED the PRODUCTION AND DISTRIBUTION OF CUSTOMER COMMUNICATIONS?
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We dedicate a lot of time, money and in-house resources to creating, printing and mailing our customer communications.
Your operations may still be more manual than digital, but you’re far from alone. Many insurance companies like yours are only starting to transform their processes and discover how an expert technology partner can help them drive growth. With an ecosystem of cutting-edge insurtech and services, you can rapidly increase operational efficiency, for faster, better services with much less cost.
DIGITAL HELP IS AT HAND
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You’ve gone a long way toward the digital operating model you need to not only control your spending, but also optimize the customer experience. But could you go further? By digitizing, rethinking and streamlining even more processes across your business, you’d be in an even stronger position to reduce costs and gain competitive advantage.
YOU’RE ON TOP OF YOUR OPS
Congratulations
