In today’s rapidly evolving digital landscape, financial firms are constantly seeking innovative solutions to drive efficiency, reduce risk, and improve customer experiences.
We have found that the main drive for digital transformation for finance teams within the Financial Services space is primarily to support regulatory compliance including FCA regulations and audits like the Sarbanes-Oxley Act (SOX). The stringent requirements are set forth by regulatory bodies who are demanding accurate and transparent financial reporting, risk management, and data security.
The adoption of technological advancements to support data analytics and the automation of processes, not only improves operational efficiency but also provides a robust framework for audit trails, controls, and documentation. By embracing digital transformation, firms can automate their processes to not only save time and reduce error, but also enhance data integrity and support regulatory compliance.
Admiral Insurance, a leading FTSE100 Financial Services company in the UK, Europe, and America, has embraced digital transformation as a key strategy for 2023 and beyond.
Their goal is to become fully “cloud-based” by 2025, and with a ‘De-Risk’ committee committing to de-risking their operations within 3-5 years, we have become a key partner in helping them automate and manage their payment processes effectively to minimise the risks associated with manual banking processes.
Modernising operations to save time & reduce errors
Since becoming a customer of AccessPay in 2022, Admiral Insurance has been on a remarkable journey. By updating their business processes to be scalable for future growth and technological advancements, Admiral Insurance aims to stay ahead in the competitive landscape.
Chris Allison, the Project Manager at Admiral, highlights the significance of AccessPay’s alignment with their objective, and the freedom it provides in payment management. With seamless integration between back-office systems and banks, and the automation of payments and bank feeds, Admiral Insurance can ensure timely payments to customers, efficient supplier payments, and streamlined collection of customer direct debits.
By automating their payment processes, the company’s finance team now saves approximately 1-2 hours each day on statement processing. Moreover, the ability to process claims payments on the same day via faster payments has significantly enhanced customer satisfaction. They also save around an hour a day automating the authorisation of multiple payments, which was previously manual and time consuming when authorising every payment individually.
Want to know more about payment automation? See here
Embracing automation and payment controls to reduce risk
By managing their payment processes with AccessPay, Admiral Insurance achieves greater operational resilience through enhanced payment controls, plus they’re always prepared for internal and external audits with our auditing and reporting capabilities.
Admirals Internal Risk Department asks for regular audit reports from the finance team which are then sent out to regulatory bodies. Using AccessPay means these reports can be standardized and automated as regularly as necessary, ensuring their audit reports are always accurate and compliant.
Admiral also reduce risk through enhanced payments controls. Using the AccessPay platform, they set automatic authorisation limits for their customer and supplier payments, meaning if there was an accidental payment that was over their set ‘threshold’ it would be flagged before it is released, protecting the business from unnecessary financial loss or fraudulent activity.
Find out more about how we support Operational Resilience
Recommended by industry leaders
Barclays Bank endorsed AccessPay as the preferred bank connectivity solution.
With AccessPay as a reliable partner, Admiral Insurance has streamlined their payment processes, reduced manual intervention, and improved customer experiences. By automating tasks, Admiral Insurance has achieved greater operational efficiency, reduced risks, and gained the ability to focus on strategic goals.
AccessPay is working closely with Admiral on their phase two automation project. As they continue to navigate the changing landscape of the insurance industry, Admiral Insurance can rely on AccessPay to support their growth, compliance, and customer-centric objectives.
Read their full story here