Optal is changing the B2B payments landscape for organisations of all shapes and sizes all around the world. But nowhere are the potential benefits of our innovative approach more obvious than in the insurance sector. In just a short space of time, we’ve become a trusted partner for all sorts of organisations in the industry – using digital technology to reduce risk, cut costs and add value for customers.
That’s why we were delighted to sponsor The Technology Award at the British Insurance Awards in London last night. It was a fitting way to celebrate excellence in an area that will become a bellwether for success in the years to come.
At the cutting edge
Optal has been transforming B2B payments for insurers for several years. At the heart of our proposition is the use of digital technology to transform legacy manual processes mired in inefficiency and saddled with cost and human error. Our Virtual Account Number (VAN) solution offers a fast, simple and low-risk way to pay suppliers on time, every time – automating time-consuming tasks like reconciliation.
Our strong track record in the insurance sector has already seen us partner with LV=, Allianz Worldwide, and others. It’s a heritage that made us the natural choice to sponsor the technology award last night.
The judges were looking for evidence of ICT that has been used to enhance the “quality, efficiency and cost-effectiveness” of administration, and/or “provide improved customer service, lower error rates, and effective implementation” within budget and on time.
A stellar night
On a night designed to celebrate the most innovative and transformative companies operating in the sector today, the technology award is arguably one of the most important accolades. Why? Because effective use of technology is increasingly the difference between success and failure in the insurance industry. It’s all about responding to insurtech-driven disruption to improve the customer experience, reduce friction with partners and suppliers, and make better use of data to drive growth.
We were particularly thrilled to be sponsoring a key part of the British Insurance Awards during a very special year: its 25th anniversary. The Royal Albert Hall was a fitting venue for what is the biggest and most prestigious event in the insurance calendar.
So congratulations go to Iovation on winning the award for best use of technology.
Like Optal, they’re setting a great example for others to follow in tapping the power of digital to drive success. We’re already looking forward to what next year’s entrants have in store.