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Tap the brightest minds in technology for deeper insights on digitization
insurance edition
THE EXPERTS’ GUIDE to digital transformation
contents
Digital transformation
5
4
3
2
1
6
Gain agility and flexibility
Control operational costs
Beef up cybersecurity
Digitize your business operations
Ready to transform operations, risk and IT?
Engage and keep customers
Operate smarter and faster
Target costs and losses
Balance innovation and risk
Why operations experts need transformation experts
9
Get our expert support
Boost accuracy and insight
Protect data from corruption
Chapter 1
Chapter 2
Chapter 3
Chapter 6
Chapter 5
Chapter 4
WHY OPERATIONS EXPERTS NEED TRANSFORMATION EXPERTS
HLB Leading through a Perfect Storm, 2023
%
0
of business leaders are focused on transformation rather than survival
As a senior executive at an insurance company, you’re an expert in insurance operations. And you rely on a highly skilled team to help keep your company up, running and meeting its day-to-day objectives. But who do you turn to when you face obstacles to long-term growth? If you’re looking to drive innovation and transform your operations from the ground up, you need thorough expertise in digitization.
With so many transactions to process, insurance operations are complex. In the face of economic uncertainty, your firm needs simpler, less manual ways to manage cash flows and hedge foreign exchange and interest rate risks. Digitization is the answer, but innovative tech brings its own cyberrisks. In addition to protection from cybercrime and fraud, you need tools for compliance with privacy and AML laws.
Hear FIS risk and compliance expert Harry Stahl explain how digital technology helps you mitigate FX and interest rate risks, achieve compliance and support growth.
THE SECRETS OF A HIGH-FUNCTIONING TREASURY
Gartner CIO and Technology Executive Agenda: An Insurance Perspective, 2022
of insurance CIOs are struggling to integrate their digital vision with enterprise-level strategies
Special tools
Manage complex risks
Stay compliant and protected
Learn more
Make sound sanctions decisions
Automatically compare customer and transaction details against up-to-date lists of sanctioned parties for fast analytical decisions and greater transparency and control.
FIS® Watchlist Reporter
From currency hedging and interest rate derivatives to risk scenarios, fulfil all of your risk management needs, control and monitor real-time risks, and run risk reports.
FIS® Treasury and Risk Manager
Keep ahead of ever-changing cyberthreats with a fully managed cybersecurity solution suite, which is constantly updated in line with all regulatory requirements.
FIS® Managed Cybersecurity
By digitizing and automating repeatable payment processes, you will not only improve cash flow but also rapidly reduce administrative overhead and make more cost-effective use of your team’s talents.
THE BENEFITS OF DIGITIZED CASH FLOWS
Nick Dunn, FIS insurance expert
As rising prices continue to stretch budgets, insurance companies are under pressure to minimize operational overhead, capital costs and losses resulting from fraud. With cloud-based digital technology and managed services, insurers can minimize expenditure on resource-draining manual processes and on-premise hardware. And with a digital payment hub, you can also reduce transactional costs, the operational expense of multiple bank connections and opportunities for fraud.
Thomas Jerolitsch, FIS enterprise treasury expert
Insurers can greatly improve the security of their payments infrastructure by incorporating best-in-class digital controls for fraud prevention and cybersecurity.
HOW CENTRALIZATION IMPROVES VISIBILITY AND CONTROL
Hear FIS cloud and managed services expert Tara Winters discuss real-world examples of how firms are using the cloud to both drive down costs and support growth.
SAVING COSTS AND IMPROVING AGILITY IN THE CLOUD
of business leaders are acutely concerned about rising resource costs
Crack down on fraud
Simplify bank connectivity
Offload IT responsibilities
Create standardized workflows and controls for corporate payments to help slash fraud and errors – and consolidate bank communication flows to strengthen your security.
FIS® Payment Hub
Through a secure managed cloud-based solution and bank communications channel, handle all the administrative and compliance requirements of connecting to banks.
FIS® Swift Services
Accelerate your digital transformation with managed infrastructure and support that simplifies your IT environment with improved stability, security and staffing.
FIS® Managed IT
STRENGTHENING SECURITY WITH DIGITAL SYSTEMS
With digital operations and analytics, insurers are in a stronger position to not only reduce costs but also make faster, more informed business decisions, deliver smoother-running services and scale for growth. Highly automated, seamlessly integrated and well-consolidated systems, supported by managed cloud services, mean less need for manual tasks, fewer vendors and solutions to manage, greater stability and decreased risk and costs.
A modern digital treasury and payments platform will commonly provide opportunities to capitalize more quickly on innovations such as new payment standards or provide better data analysis for decision making. Without the right digital technology in place, today's treasurers can’t support growth or execute jobs efficiently. The processes they manage are now too complex – especially payments.
HOW DIGITIZATION ACCELERATES GROWTH
Watch FIS enterprise payments expert Rijuta Jain explain the advantages of APIs for managing corporate payments and how to outpace competitors as an early API adopter.
WHY CORPORATE TREASURIES SHOULD CONNECT WITH APIs
New Vantage Partners Data and Analytics Leadership Annual Executive Survey, 2023
of businesses have increased their investment in corporate data and analytics
Digitize the credit-to-cash cycle
Turn AP costs into revenue
Improve visibility and control
With artificial intelligence, workflow and collaboration tools, you can fully automate your AR process and create a foundation for continuous improvement in working capital and cash flow.
FIS® GETPAID
Execute AP payments globally through a single online portal to mitigate fraud risks, reduce costs and earn revenue share on qualifying electronic and card payments.
FIS® Integrated Payables
Bring together disparate data sources and information into a single, customizable desktop for a one-touch, real-time snapshot of global risk and liquidity positions. Also includes sophisticated scenario analysis.
New policyholder expectations are making customer engagement and retention a priority for insurance providers. For a market-leading customer experience (CX), it pays to deliver more digital ways to buy policies and provide prompt payouts at the moment of need. With digital payment processes, insurers can now collect premiums in the currency and payment method of each policyholder’s choice and settle claims at the click of a button.
Insurers are selling a product people hope they’ll never have to use, so you need to create an enjoyable experience. The key is to guide policyholders through the process as quickly and easily as possible via efficient digital services and instant payouts.
IMPROVING CX WITH DIGITAL TECH
Learn from FIS payments expert Alex Orechoff as he talks through different ways technology can help insurance companies advance and enhance the customer journey.
HELPING INSURERS RETHINK CUSTOMER SERVICES
of insurance CIOs are making digital investments mainly to improve the customer experience
Accept e-payments in any currency
Process payments the world over
Speed up and simplify payouts
Simply and securely conduct e-commerce in nearly 135 currencies and protect against market volatility with pre-agreed, locked-in exchange rates for cross-border transactions.
Worldpay from FIS Multicurrency Solutions
By partnering with the #1 global card acquirer, make it fast, easy and safe to accept payments across borders in nearly 135 currencies and most local payment methods.
Global Acquiring by Worldpay from FIS
Make same- or next-day payments from a single system to accounts or cards in hundreds of countries – for low, pre-agreed fees and no hidden charges.
Push to Account and Push to Card by Worldpay from FIS
Pay securely and simply
As well as producing, issuing and managing your own credit and debit and virtual cards, you could offer policyholders prepaid cards for even safer and more convenient payouts.
Card Solutions from FIS
For compliance and intelligence, insurers must report complete and accurate data. And as regulatory reporting requirements grow, data integrity increasingly relies on a centralized, standardized and automated approach to reconciliation, all driven by AI. A centralized view of data is also critical to understanding your policyholders and personalizing their experience. Again, AI can help gain complete and up-to-date insights into customer needs, preferences and behavior.
AI can help unleash the full potential of your customer data, so you can transform onboarding and renewal processes into personalized interactive journeys. With AI targeting your communications and triggering next best actions, you’ll optimize every one-to-one interaction with policyholders and improve satisfaction, loyalty and revenue along the way.
WHY AI MAKES SENSE FOR CUSTOMER INSIGHTS
Hear Prenisha Pillay, FIS reconciliation expert, describe the key technology components that organizations need for total confidence in the accuracy of their data.
HOW TO BUILD A COMPLETE FRAMEWORK FOR DATA INTEGRITY
of executives believe AI will be the most important technology to their business in the next five years
Reconciliation reinvented
Harness automation and AI to optimize efficiency. Track your reconciliation inventory, define and demonstrate control and employ machine learning to accelerate reconciliation tasks.
FIS® Data Integrity Manager
Personalize your interactions
Get a real-time, AI-powered view of policyholders and engage them across every channel with consistent, cost-effective communications in the formats they prefer.
FIS® Customer Communications Solutions
Joseph Vesey, FIS reconciliation expert
For total control over your data, you need a highly automated solution for reconciliation and validation, an exception management platform to automatically track and resolve discrepancies, and a workflow engine to help you assign responsibility for reviewing and approving data, track task execution, and enforce accountability and control. With these three components in place, you can consistently meet regulatory reporting requirements and support business decisions with complete and accurate data.
GET INSURANCE COVERED
By transforming your technology to today’s digital standard, you can prepare for the demands of tomorrow – and give you and your customers full, lasting protection.
MAKE TRANSFORMATION WORK FOR YOUR BUSINESS
©2024 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. 2870336
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About FIS
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.
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