As a B2B payments pioneer driving digital transformation for countless insurers today, Optal is at the forefront of technology excellence in the industry. But we’re just one company. It’s important that we continue to drive momentum in the sector by promoting best practice and innovation wherever we see it.
That’s why Optal was at the Insurance Times Awards 2018 on Thursday night, sponsoring the Excellence in Technology award. Congratulations to all who took part.
Optal understands that technology-driven change has not always been easy in the insurance industry. This is especially true of supplier payments: for too long finance departments have been saddled with expensive, inefficient, manual processes riven with human error and complexity. That’s why we introduced Virtual Account Numbers (VANs): a new approach which allows insurers to pay suppliers with single use, 16-digit card numbers. They strip away the typical charges, high overheads and human error associated with legacy payments, whilst improving security and ensuring reconciliation is automatic and immediate.
This is just one example of digital disruption in the insurance sector. Thanks to a new breed of tech innovators like Optal, finance leaders have a range of options to help them improve margins, optimise inefficient processes and enhance the customer experience. That’s exactly what’s needed in these uncertain economic times.
At the event
We were thrilled to be able to sponsor the Excellence in Technology award on Thursday night. But it was even more thrilling to see first-hand the sheer quality and breadth of digital innovation happening in the sector right now. We’d like to extend our congratulations to the finalists:
Allianz Insurance, Audatex, Aviva, Direct Line Group Commercial Claims, Homelyfe, Optalitix and Vitality Health, and QBE European Operations.
Praise also goes to Bronze winner Allianz, Silver winner Homelyfe and especially Gold award winner, Aviva, whose entry the judges praised for the “simplicity and impact” of its technology. They added that it delivered “an excellent customer experience combined with significant cost-savings for the business.”
We look forward to transforming B2B payments for even more insurance sector organisations over the coming year.