Protecting Your Finance and Treasury Teams With Automation

Industry Insight: Insurance


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Insurance companies need quick turnaround times for their customer claims and payments to match their wider offering, plus, there’s always a need for better security of their money, especially when dealing with such large amounts of cash daily. 

But, with out-of-date on-premise solutions and the typical ‘3-day turn-around for most bacs’ payments; the only answer for finance and treasury managers is to embrace cloud-based solutions that can automate and speed up these processes.

Of course, this solution has to be commercially viable too; they need a scalable solution that won’t sting them with hefty bills when transactions reach a certain threshold.   

The need to embrace new technology that can scale with you and your customers has never been more necessary.

You Need a Cost-effective, Cloud-based Alternative

Finance Transformation is a hot topic for many businesses, and with most on-premise solutions reaching end of life, companies are expected to fork out thousands in cloud upgrade fees.  

AccessPay offers one solution for any type of payment, allowing you to automate the collection of monthly premiums and differentiate with same-day insurance pay-outs.   

Unlike our competitors, we don’t charge per transaction either. We offer one flat annual subscription and there will be no end of life surprises so you know your processes are futureproofed, and able to scale with business growth.

Your Current Processes are Manual and Inefficient

Most businesses are still using spreadsheets, card readers and banking portal logins which are disparate and not without risk. These 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. It’s also time-consuming, meaning your customers and suppliers are often left waiting days for money that is rightfully theirs.

We’re fully automated meaning you can wave goodbye to spreadsheets and faster and international payments can be made almost instantly.

Risk and Operational Resilience are Top of the Agenda

Automating your claims pay-outs, refunds or just general office payments is healthier for regulation and more easily auditable, which is particularly beneficial when your banking operations aren’t just about your own payments.

The risk isn’t simply your own; and it’s your reputation on the line, it’s a big tick for compliance with the FCA too; our solution removes the associate risk that comes with manual intervention, meaning better compliance, and of course, improved security of yours and your customer’s cash.

You Need Better Visibility of Your Full Cash Position

Real-time cash visibility tools mean you can keep track of payables and receivables as well as automate the downloads of your bacs reports, meaning you can see your true cash position across all your different bank accounts, giving you true cash visibility.

Achieving Operational Resilience

With the FCA and Bank of England now asking firms to review their processes to mitigate risk and strengthen their operational resilience; having the right infrastructure in place to manage your business critical processes has never been more important.

By improving operational resilience, your firm is less likely to face disruption and is better prepared for crises out of your control. This will result in streamlined processes, shorter response times and a more scalable business model.

AccessPay’s Corporate-to-Bank integration technology automates PRA reports, controls and scales your finance function – allowing you to be compliant and SYSC and FCA audit ready. Our platform also eliminates people risk such as banking portal downtime, security breaches and more.

More on Operational Resilience

Customer Satisfactionadmiral-logo

Chris Allison, Project Manager from Admiral Insurance spoke about how he was looking for a solution that would scale with the businesses growth targets, why he chose us, and the affect on Admiral’s customers.

The Embedded Corporate Banking model also has real-time cash visibility tools which enable the tracking of payables and receivables as well as automating the downloads of Bacs reports, enabling insurance firms to see their true cash position across different bank accounts – providing true cash visibility so you can make better decisions with your companies money.


Chat to Our Insurance Expert Fionn Wilde

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.

Why AccessPay?

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.

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