For many sectors, the past several years have been characterised by uncertainty.
The insurance industry is no different.
While post-pandemic growth looks assured, that doesn’t mean the road won’t be bumpy. In order to reach your firm’s lofty ambitions, your internal processes have to be robust and future-forward.
For many finance and treasury teams around the world, however, this currently isn’t the case. Between a history of underfunding and a reliance on old processes, the need to embrace new technology is becoming more and more apparent.
Right now, we’re willing to bet the following rings true for your finance or treasury functions…
Many businesses we speak to are unaware of the inefficiencies of their current workflow.
Finance and treasury teams who find themselves in this position can hardly be blamed. Processes involving spreadsheets, card readers, and banking portal logins are the tried-and-tested industry standards.
In recent years, however, the glaring issues with a workflow like this have been revealed. Your team are likely spending hours every day collecting statements and making payments, leaving little time for strategising and forward planning.
Not only this, but non-automated processes are vulnerable to risk and always open to human error. A misplaced decimal point here or an extra zero there is all it takes to put a splinter in your claims payments or internal banking operations.
Change can be difficult, especially when you know that, at the end of the day, your current processes appear to work.
Many businesses across the sector are waving goodbye to their old back-office systems, embarking on an ambitious digital transformation journey.
Firstly, good for you – but modernisation is much simpler than you likely realise.
There’s often no need to shell out huge costs and invest a couple of years into a new ERP project. Automation would solve most of your issues in a timely, cost-efficient manner.
They say every cloud has a silver lining, but with a cloud-based banking solution, it’s all silver linings.
Insurance firms are heavily regulated, especially when it comes to finance and treasury.
You need to be able to prove that you’re handling your cash in a responsible manner – but that doesn’t mean your processes can’t be future-forward.
In fact, a workflow that removes manual intervention can prove to be healthier for regulation and more easily auditable.
In the insurance industry, your banking operations aren’t just about your own payments. That means the risk isn’t simply your own, and it’s your reputation on the line.
A solution that removes risk will allow your finance and treasury teams to breathe a little easier.
Fionn has spent his time at AccessPay liaising with insurance firms of various shapes and sizes, developing a conclusive understanding of the sector’s difficulties and desires.
If you’re a finance or treasury expert looking to modernise your banking operations, there’s no safer pair of hands.
Given the sector’s fast-changing nature, there’s never been a more vital time to modernise your banking operations.
Thankfully, AccessPay is here to help.
We bring order to your finance and treasury functions, acting as the glue between your banks and ERP systems. With a fully-automated, cloud-based solution, you can wave goodbye to those pesky spreadsheets and tiresome manual processes for good.
Not only this, but our Cash Management solution provides total transparency of your business’s funds, compiling your balances from across the world. With AccessPay, you can see your global cash position, regain control of your banking operations through risk mitigation, and optimise your spending with the availability of richer data.