Collaborate. Innovate. Impact.
At Optal we’ve come a long way in a short space of time. Although many insurers are now witnessing first-hand how optimised Optal B2B payments can drive competitive differentiation, there are many more who’ve yet to get on board. That’s why we brought the Optal message to Insurance 3.0: during a keynote at Shoreditch Town Hall in London on the 21st September 2018. Themed How Payment Innovation is Transforming the Insurance Industry, the event was designed to highlight the wealth of growth opportunities for those insurers prepared to tap into innovative new technology platforms.
Optal’s Director of Business Development, Katrina Beckwith, explained during her keynote, even the smallest changes can have a very big and positive impact. Just take the introduction of the 5p surcharge on plastic carrier bags back in 2015, which has slashed their use by 80%. Or laws brought in early in the 1980s mandating car drivers wear seat-belts, which has saved thousands of lives since.
In a similar way, there are small changes insurers can make — things that might seem obvious in hindsight — that could improve the claims experience for policyholders, reduce costs and increase profits.
Optal helps insurers make small changes to the way they pay their suppliers which frequently has a major impact on the bottom line. It’s all down to our Virtual Account Numbers (VANs). These are 16-digit, single-issue, card numbers, backed by Mastercard that can be used to pay suppliers in a fast, highly efficient and secure way.
- Remove friction and strip out inefficiencies
- Reduce risks, like having to store payee bank account details. VANs can also be enriched with data related to the original claim to reduce the risk of fraud and improve auditability
- Remove the existing costs of making payments
- Introduce new revenue streams, because each time you make a payment we reward our customers financially
Together, Optal and Mastercard are attending Insurance 3.0 to bring to life how payment technology can transform the insurance industry. For many years insurers have suffered from the lack of innovation in the B2B payment space which has forced them to experience the pain points associated with legacy payment systems. Mastercard has long been committed to removing friction from everyday payment experiences, partnering with Optal to apply the benefits of VANs to the insurance sphere is a natural advancement of that commitment.
If you’d like to hear more about how Optal could make small changes to your payments for big rewards and impact, please contact us here.