Admiral Insurance: Automating payments to scale growth

Admiral Insurance are one of the leading FTSE100 Financial Services companies within the UK, Europe and America; they are also leading the charge when it comes to digital transformation as they aim to be fully ‘cloud-based’ by 2025.

AccessPay now plays a pivotal role in this strategy through automation and management of their payment processes; improving efficiency and reducing risk and fraud from unnecessary, manual intervention.

Aiding Finance Transformation

Admiral Insurance, a new customer as of 2022, have been on a ‘digital transformation’ mission. They have been able to update their businesses processes so that they can scale with future growth and technological change.

We spoke to Chris Allison, Project Manager, and he explained;

“We’re looking to move all of our processes to cloud-based solutions by 2025; and AccessPay aligns with our company objectives, plus we don’t have to worry about future transaction fees, it scales with us.”

AccessPay is embedded seamlessly between their back-office systems and their banks so that they can have true freedom when it comes to payments, supplier payments and collecting customer direct debits.

Being able to pay customers on time and credit their accounts within certain time frames needs to be as slick a process as possible. After all, business continuity depends on it. Acting as a critical third party to their finance processes, Admiral also had to make the FCA aware they were working with AccessPay. With growth strategies in place and watertight regulations to comply with, Admiral Insurance needed a solution that could tick all their boxes;

“There were several reasons we chose AccessPay, and one was because it was commercially viable for us with your flat fee structure. This allows for future growth without having to worry about spiralling costs. It can scale easily with business growth.”

Find out more about embedding your back-office systems with your banks.

Insurance Admiral Insurance customer satisfaction

Since using AccessPay and automating this process, their team has saved around 1- 2 hours each day on processing statements.

Chris went on to add:

 

“AccessPay has helped create a much more positive experience for our customers too because we can process claims payments to the bank the same day via faster payments, rather than the standard three-day turnaround time. The service we can provide our customers has improved as a result.”

Admiral Insurance are also investigating Host-to-Host connections on their roadmap for 2023, which will further enhance the payments process for their customers. Sophisticated Host-to-Host banking connections mean Admiral can easily exchange information in the preferred file formats, network protocols, and security standards. This integration will give them the opportunity to connect directly to banks, allowing for high volume data transfer, which is of course automated. They are planning a phase two automation project which they are working closely with AccessPay to execute right now.

Find out more about host-to-host connections here.

With time saved and swifter processes in place Admiral’s finance team have reduced the time spent on unnecessary, manual tasks with more time to focus on the bigger picture, and better serve their customers.

Did you know? Automating your processes helps you achieve operational resilience by reducing the people risk associated with manual processes? Find out how we can help you can achieve greater operational resilience, enhance your payment controls and aide audits with our corporate-to-bank solution here.

Recommended by the UK’s biggest banks

As Admiral Insurance project manager, Chris was heavily involved in the discovery process when looking for the right solution. He reached out to not only other insurance firms, but also the banks:

“We spoke with Barclays and they recommended AccessPay as the preferred solution. We also spoke with other insurance providers, and everybody recommended you, which is highly commendable.”

If you’re an insurance firm, and you’re looking for a way to save time and automate your processes, find out everything you need to know here.

We also support Operational Resilience assessments by reducing people risk in your processes. Read Darlington Building Societies’ story here.

Find out more about how we aide Operational Resilience with Corporate-to-Bank integration.