Monday, 9 October 2017, London:
At Optal we’re committed to making B2B payments simpler, more efficient and less risky. The insurance sector is fast embracing the revenue potential of using the Optal payments service, in particular when it comes to automotive claims.
That’s why we’re delighted to welcome industry specialist David Punter to the team as Optal’s new Subject Matter Expert in automotive insurance.
Insurers under pressure
The UK’s insurance market is admired globally, but many players are struggling with the challenges of the continued sluggish global economy and relentless price competition in an already crowded market. That makes it more important than ever to find new ways to generate new revenue streams, cut costs and process complexity – and B2B payments are long overdue an overhaul.
Insurers are saddled with:
A large and complex ecosystem of suppliers that need paying
- Current processes like cheque and BACS-based payments that are manual, time-consuming, insecure and inefficient
- Handling too much supplier account data, further exposing them to the risk of breaches etc.
Optal’s solution is based on Virtual Account Numbers (VANs): 16-digit, randomly generated numbers, used to facilitate supplier payments. Reconciliation is automatic and immediate – reducing overheads and eliminating manual errors – and payments can be highly personalised with various parameters to increase security and improve auditability.
David Punter will be actively supporting our efforts in the automotive insurance space, where the claims payments process is costly and overly complex. He has spent the past 20 years working with technology companies in the service industry, in particular, working to streamline the claims process for insurers and their customers.
“David brings a wealth of knowledge from the automotive insurance industry. His experience will be invaluable to Optal as we look to revolutionise the sector through our innovative VAN offering”
Andrew Downes, General Manager at Optal.