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Advancing the Claims Industry Through Digital Innovation: Joining the Debate with ILC

Optal has come a long way in a short space of time. Today we count some of the UK’s biggest insurers among our clients. But we’re also keen to engage with the industry in as many ways as possible, sharing our expertise and learning from key stakeholders on what their major challenges and business aspirations are. That’s why we were at the I Love Claims (ILC) Motor Conference in Coventry on Wednesday.

It was a great opportunity to join the debate over the future of the industry, and drive home the importance of innovation in B2B payments as a route to future success.

At the show

Over 400 motor claims professional descended on the Ricoh Arena for the event, including CEOs, Finance and Claims Directors, and Loss Adjustors representing all parts of the supply chain: from accident management firms to brokers, vehicle repairers to law firms, paint suppliers and even medical-legal providers.

They came to hear a range of leading industry figures, analysts and others share their thoughts on the future of the industry. We were delighted to see the topic of digital transformation highlighted time and again. LV= CEO, Steve Treloar, spoke passionately about his ambition to turn the firm into “Britain’s best loved insurer” by putting the customer front-and-centre of everything it does. He wants to make it easy for suppliers to work with LV, recognising that claimants want their car back as soon as possible after an incident.

Claims expert, Rob Smale, added that change can be technology and data-driven, but companies must make sure that new initiatives are ultimately customer-focused.

Innovating to succeed

These sentiments chime with a lot of what we’re seeing in the motor claims and wider insurance industry. At Optal, we believe that supplier payments can have a crucial impact on the end customer experience.

Yet there are challenges to doing so. Legacy payment processes like cheques and bank transfers are saddled with inefficiencies, human error and administrative overheads. The very diversity of the attendees at the ILC show is a reminder of the complexities inherent in the supply chain: these different types of organisation may have very different payment preferences, for example.

Optal Virtual Account Numbers (VANs) are an innovative new way to overcome these challenges. These 16-digit, single-use card numbers can be used to pay all suppliers digitally, stripping out the cost, inefficiency and risk associated with manual processes and physical cheques. Most importantly, seamless, automated payments mean suppliers can get to work as soon as possible, enhancing the customer experience at what can be a stressful time.

That’s the key to driving positive change in the industry through digital innovation.

Contact details:

Bradley Eccleshare
Optal Director of Marketing

M +44 0 7525 929198
T +44 0 20 3892 4928
bradley.eccleshare@optal.com

About Optal Ltd

Optal is re-inventing how payment processes work across complex industries. By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.

Optal issues Mastercard branded payment products, driving its focus on developing and bringing to market, game-changing payment solutions. Optal’s working capital solution, Invapay, turns underutilised credit lines into a dynamic resource to manage cashflow.

“Invapay” and “Invapay solution” means Invapay Payment Solutions Limited, a private limited company in England and Wales, authorised and regulated as an Authorised Payment Institution by the Financial Conduct authority under the Payment Services Regulations 2017 which is a wholly-owned subsidiary of Optal Limited.

Talk to us to discover how Optal can add value to your organisation.

General enquiries: +44 (0)0333 230 1316
Business Development: +44 (0)333 230 1842
Invapay Technical Support: +44 (0)3308 387 490
Press & Media: +44 (0)203 772 8842

info@optal.com


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