Opportunities for Insurance
Optimise with us
Digital transformation is bringing a host of new opportunities thanks to technologies such as cloud computing, AI, big data analytics, block chain and the Internet of Things (IoT). They promise much, including the ability for insurers to create new products and services to better meet changing customer demand, as well as boosting efficiencies and reducing costs. Nowhere does digital transformation have the potential to benefit insurers more than in the B2B payments space. The payment of suppliers is a vital part of the claims process, but historically it’s been riddled with inefficiencies that hurt the bottom line, open insurers up to potential fraud, and threaten to sour relationships with suppliers and customers.
The good news is that digital end-to-end systems already exist to take the inefficiencies out of B2B payments. By moving away from cheques, ACH payments and manual processes to automated electronic payment systems such as Virtual Account Numbers (VANs), insurers can cut overheads, improve efficiencies, reduce the risk of fraud and generate bottom-line revenue.
The digital dilemma
Cheques are fraught with risk and represent an unreliable, inefficient and outdated way to pay. Yet, 44% of the senior finance professionals we surveyed admitted to still using them to pay suppliers.Download PDF
Pushing Back on Payments Fraud
Authorised push payment (APP) fraud cost UK businesses £126m in 2018 and losses are set to grow as more scammers look to cash in. It’s relatively easy for them to trick finance teams into paying fake invoices and suppliers, and there are few repercussions.Download PDF
Our solutions approach
Optal is a brilliant optimiser. We help Insurers gain a competitive edge by focussing on their own payment processes. We see and act. We help you reveal the problem and resolve your payment issues with a can do culture, creativity and expert advice.
Optal’s automatic reconciliation tools can process and match multiple rich data sets, and can be customised to your needs. With every payment transaction having its own unique number you’ll never have to manually reconcile payments again.Watch the video
Even if you don’t fully use your corporate credit, you’re still paying for that latent capacity on your PCards and more. We help free your cash flow saving you money and extending your buying power.Watch the video
We reconfigure and streamline your payment processes to reveal and eliminate hidden inefficiencies. Our preferred status with global card and banking partners lets us minimise transaction costs – and even turn cost centres into profit centres via rewards. Instead of costing money, your business could be earning a reward on every payment transaction.Watch the video