- Posted by Optal
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Monday, 31 July 2017, London: The insurance industry may historically have been largely hidebound by legacy IT, but change is afoot. Digital transformation is bringing a host of new opportunities thanks to technologies such as cloud computing, AI, big data analytics, blockchain and the Internet of Things (IoT). They promise much, including the ability for insurers to create new products and services to better meet changing customer demand, as well as boosting efficiencies and reducing costs.
Yet digital change is also gathering speed in the B2B payments space, and it could have a similarly significant impact on the insurance industry over the coming years, particularly in claims processing.
The payment of suppliers is a vital part of the claims process, but historically it’s been riddled with inefficiencies, opens insurers up to potential fraud, and threatens to sour relationships with suppliers and customers.
Optal’s payment platform helps to solve these issues head-on by stripping much of the cost and complexity out of payments through more efficient, secure processes. Virtual Account Number (VAN)-based solutions are revolutionising the insurance industry, providing unique, one-time card numbers for each transaction. That means: reducing fraud and misdirected payments; instant, automated reconciliation; and a clear audit trail with the opportunity to add detailed transaction data to improve reporting; and eliminating the need to maintain bank details for suppliers. And, best of all, each payment will generate a reward meaning your payment costs will turn into a revenue stream.
“By moving away from cheques, ACH payments and manual processes to automated electronic payment systems such as Virtual Account Numbers (VANs), insurers can cut overheads, improve efficiencies, reduce the risk of fraud whilst generating revenue”, said Andy Downes, General Manager at Optal. “It’s time UK insurers hauled their payments processes into the digital age.”
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