The UK insurance sector is facing turbulent times. A combination of relatively low interest rates, disruptive insurtech start-ups, a sluggish global economy and the spectre of Brexit continues to put the squeeze on many players. According to Ernst & Young, among the top drivers for CFOs in the sector are achieving growth and profitability. Yet there’s a major barrier holding them back: B2B payments.
Supplier payments are a key part of any insurance organisation which can be a major drain on revenue and resources. But up until now few CFOs have treated them as anything other than a cost of doing business.
This whitepaper focuses on why it’s time for the industry to turn a cost centre into a revenue stream and how this transformation can be achieved.