The Finance Transformation
in Insurance Awards
Enter the awards ceremony
Welcome to a celebration of the world’s most innovative insurance companies. The firms may be fictitious, but their achievements could be real for your operations. Learn from prize-winning digital transformations in our five fantasy award write ups.
Hover over the winners to explore their awards . . .
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What they have in common
Best Customer Experience
Innovator of the Year
Finance Manager of the Year
Best Risk Controller
Digital Transformation of the Year
Award categories
Best Risk controller
Best Efficiency Program
Winner: Insurer A, a multinational life insurance firm, supported by FIS
It’s a battle for today’s insurers to run smoothly, stay secure and achieve a competitive advantage while processing and settling high volumes of claims and meeting changing customer expectations. This award goes to a firm that solved all these challenges – and more – by digitizing its operations from end to end.
Award-winning achievements
Acceptance speech
Insurer A's story: A patchwork of legacy systems and manual processes made it difficult and costly to monitor an ever-growing number of payments and deliver efficient, modern services. Although Insurer A had moved some of its simplest IT systems to the cloud, the firm found larger applications too complex to modernize and migrate.
With managed infrastructure and application services from FIS, Insurer A was able to quickly modernize the architecture of even its largest, oldest and most complex applications and start running them in the cloud. For greater control over payments, Insurer A also invested in FIS’ digital payment hub, which gives the firm a centralized view of all its claim payouts and premium collections. With the latest API technology, the hub connects directly to the firm’s ERP system, too.
– Samantha, COO, Insurer A
We’ve accelerated our digital transformation without having to recode legacy applications ourselves. Plus, complete visibility of cash flows and standardized workflows and controls for payments have helped us slash fraud and errors. None of this would have been possible without our technology provider, FIS.
Winner: Insurer B, a global multi-line insurance firm, supported by FIS
With so many transactions, cash flows and data points to manage, insurance operations are complex – and so are the risks. In times of high volatility and tight regulation, the winner of this award protects its business from errors, fraud and loss with a robust, comprehensive and cost-effective approach to risk management.
Insurer B's story: For effective hedging, Insurer B’s treasury needed a complete understanding of its cash and risk exposure, including interest rate, FX and other risks. However, the firm struggled to bring together data on cash flow and exposure from its many corporate systems. At the same time, fragmented operations and data made it harder to not only keep business operations and customer data safe from financial crime and fraud, but also comply with strict privacy and AML laws, and audit and regulator reporting requirements.
With these complicated challenges, Insurer B took a holistic approach that addressed multiple areas across the enterprise. By automating workflow for hedging with FIS’ advanced, cloud-based treasury management system, Insurer B was able to accelerate complex data management and modeling processes. As a result, the treasury team can present results clearly and consistently for a comprehensive view of risk. Plus, they can execute more targeted hedging strategies to reduce trading volumes and associated costs. With a single managed cybersecurity service from FIS, Insurer B also gained the premier cloud-native technology and world-class expertise it needed to stay ahead of the latest threats and data compliance requirements. Meanwhile, a new fraud detection solution allows the firm to automatically compare customer and transaction details against up-to-date sanction lists. Plus, for total data integrity, Insurer B adopted a centralized, highly automated, AI-driven reconciliation system to help avoid errors and achieve compliance.
– Li, CRO, Insurer B
Thanks to our technology provider for helping us get risk under control and protect our data from corruption. Now we can make better, faster decisions and respond quickly to changing rates and compliance demands, as well as reducing opportunities for cybercrime, fraud, financial loss and regulatory penalties.
Winner: Insurer C, a global reinsurance firm, supported by FIS
Technology and operations budgets are increasingly under pressure for insurers, making efficiency a high priority. This award recognizes the firm that has streamlined its operations most successfully and excelled in the drive to reduce manual tasks, consolidate systems and minimize overhead and risk.
Insurer C's story: Disparate data sources, fragmented legacy systems and manual processes were complicating Insurer C’s operations and making them hard to scale and costly to maintain. As well as wasting time on repeatable administrative tasks, the firm was increasingly reliant on the technical skills of its overstretched IT team.
Last year, Insurer C automated and integrated all its treasury management processes on a single platform from FIS, while gaining new capabilities for in-house banking, hedge automation and trade consolidation. And when it comes to connecting to banks, FIS’managed cloud-based solution and bank communications channel now takes care of all the administrative and compliance requirements on its client’s behalf. Insurer C has also integrated web-based payables software to automate B2B payments, so the firm can not only save effort but also earn revenue on virtual cards. Additionally, Insurer C has automated the credit-to-cash cycle with a single system for receivables, which uses workflows, AI and collaboration tools to improve cash flow.
– Mark, Chief Claims Officer, Insurer C
By digitizing and integrating more processes, we’ve reduced errors as well as costs, improved productivity and scalability, and won back time for business priorities like optimizing cash flow in line with our strategic goals. We’re proud to achieve this recognition, thanks to a great team and the most efficient technology on the market.
Winner: Insurer D, a growing P&C insurance firm, supported by FIS
As modern insurers know all too well, technology is forever changing, ramping up customer expectations. With agility so key to competitive advantage, the recipient of this award harnesses the power of innovation to satisfy customers and accelerate business development and global growth.
Insurer D's story: Like many of its competitors, Insurer D ran a combination of legacy on-premise and digital cloud-based systems. With costs rising and the customer experience suffering, the firm urgently needed to modernize its processes. Insurer D was also keen to expand overseas. But for every new market it wanted to enter, the firm had to form partnerships with local payment providers, apply for new acquiring licenses and integrate with local banking networks. Wasn’t there a faster way to facilitate payments on a global scale?
Backed by cloud-native fintech and expert managed services from FIS, Insurer D was able to build and run an optimized, always-on cloud environment that met the firm’s unique needs, reduced its total cost of ownership and supported its end users with unified communications and service desk management. As part of these managed services, FIS also helped Insurer D transform its business processes with AI, robotic process automation and advanced analytics to deliver a best-in-class customer experience and further lower costs. To make it easy to accept payments across borders, Insurer D partnered with the world’s leading global card acquirer, Worldpay from FIS, too. With secure processing solutions ensuring that funds are settled quickly, Insurer D can now support banking networks, currencies and local payment methods in most countries and automate currency conversion in approximately 225 markets and nearly 135 accepted currencies.
– Jai, CTO, Insurer D
FIS’ innovative technology has given us the flexibility to support new capabilities and constantly develop and deploy new products. And with international payment processing solutions, we can go global but feel local to our policyholders.
Winner: Insurer E, a mid-market health insurance firm, supported by FIS
When insurers optimize the customer experience, they serve their policyholders as they want to be served. The winner of this award goes the extra mile to understand its customers’ needs, meet their ever-changing expectations and deliver a rapid, responsive, truly personalized service to every policyholder.
Insurer E's story: With policyholder data dispersed across multiple systems, Insurer E was struggling to understand the different preferences of its varied base of customers. The result was often a disjointed and frustrating customer experience. Fragmented payment processes only compounded the problem. Besides delays and hidden charges to cross-border payments, there were multiple opportunities for fraud and risk – and an overall lack of convenience for customers.
After implementing FIS’ centralized, AI-powered customer communication platform, Insurer E gained a single, real-time view of policyholders. As a result, it can personalize its services and ensure a consistent experience across every channel. And by digitizing and streamlining payments, the firm can make same- or next-day payouts to accounts or debit and credit cards in hundreds of countries and currencies, all for low, pre-agreed fees. And it can produce, issue and manage pre-paid cards for policyholders, too.
– Nia, COO, Insurer E
Working closely with our technology partner, FIS, we’ve transformed our operations to give policyholders the great customer experience and fast, secure payouts they deserve. Now we can promise convenience and consistency, but with a uniquely personal touch.
With an ecosystem of cutting-edge insurance technology, software and services, FIS empowers people and processes across the insurance life cycle.
What do all five winners have in common?
Partnering with insurance companies of all types and sizes
3,000
including 71% of the world's top insurers
50
in countries
70+
and supporting COOs and CCOs for a combined total of years
46
Solutions from 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.
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