Out-dated and manually intensive collection and reconciliation systems have a stranglehold on the insurance sector, stopping companies from getting any satisfaction from the moving feast of payments they must process daily.
Total non-life gross written premiums in the United Kingdom were £59.1bn in 2017, and £58.2bn was paid back out in claims during the same year. That is the best part of £120bn flowing between policyholders, brokers, intermediaries, insurers, loss adjusters, repairers and other associated parties in the supply chain.
To get an insight into how the insurance industry is managing this financial merry-go-round, financial utility, Banking Circle teamed up with Post to canvas opinion from the sector. The results of that research are detailed and discussed in this whitepaper.
• Improving the insurance reconciliation and payment architecture.
• Biggest pain-points in current reconciliation systems.
• Missing out on commercial advantage.
• Virtual answer to a very real problem.