Insurance Sector: 3 keys to accelerate your financial reconciliation in 2022
Publié
Le 22/03/2022, par :
- Anne Marie Diom
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In this article, we will present 3 key factors that can help Insurance companies modernize their reconciliation process and achieve a faster financial close.
Major challenges in the insurance sector
Sometimes overlooked is the fact that the insurance industry is heavily reliant on data – from claims, payments, underwriting and fraud to reporting.
The large data flow is becoming a huge complex, as insurers now spend, on average, 2/3 of their time manually cleaning and enriching their data. This manual process has undergone huge disruption in 2020 and 2021 since the onset of the COVID-19 crisis. Many are now starting to look for more data-centric approaches.
According to the Deloitte report, premiums for both life and non-life insurance are skyrocketing. As we estimate exponential growth in the insurance industry in 2022, financial reconciliation is expected to evolve with the ambition and needs of the business.
3 keys to speed up your financial reconciliation
Here are 3 keys to speed up your financial reconciliation
Deprecate a legacy system
Advance reconciliation automation
Ensure flexibility and scalability
We expected that this approach could help you save up to 80% of your time on repetitive and error-prone tasks and serve 50% more customers in the next three months.
1. Remove the major obstacle of the old system
Bank reconciliation is essential for a healthy financial situation. However, most legacy systems cannot meet the current and future business needs of an efficient reconciliation process, which further slows down the overall financial control management.
For example, efficient inter-system reconciliation can increase the accuracy, completeness and overall integrity of data. However, all insurers should be aware that it is difficult to achieve a simple inter-system reconciliation with the outdated legacy system.
To achieve a data-driven organization, it is advisable to move from an underperforming legacy system to advanced technology such as robotic process automation – even if it is a complex business challenge. The company that fails to overcome the outdated legacy system will be unable to make the right decision with accurate and reliable data.
2. Accelerate the Insurance lifecycle with an automation solution
“The more claims you can process, the more customers you can serve.”
The golden rule seems easy to achieve. However, Insurance companies often fail to process a large amount of data and maintain the quality of the results in a timely manner, effectively slowing down their entire lifecycle.
The volume, speed and quality of data management are difficult to manage simultaneously, especially in the reconciliation process.
With CALIXYS’ XREC Reconciliation solution, the organization can accelerate the entire financial reconciliation process and ensure the reliability of the result.
By significantly reducing the processing time at the back-office level, Insurance companies can process a high volume of claims faster with correct and up-to-date data and further improve the quality of service for its customers.
3. Ensure flexibility and scalability within the process
The insurance industry is facing enormous pressure now more than ever – policies, technologies and customer expectations are constantly changing. As a result, flexibility and scalability in reconciliation management is becoming one of the top priorities for insurers’ back-office.
Refine and centralize all your data with a reconciliation automation solution
During the pandemic in 2020 and 2021, many insurance companies started to advance their financial reconciliation process with robotic process automation, with the aim of streamlining reconciliation operations and reducing the cost and time of human resources for other high-value tasks.
Stop managing lengthy claims processes filled with repetitive and time-consuming tasks. It’s time to get ahead of the curve and modernize your financial reconciliation process with a custom reconciliation solution.
CALIXYS’ XREC Reconciliation Solution Helps Insurers Overcome Real-World Financial Reconciliation Challenges
Reconciliation management becomes even more complicated when the entire process involves multiple parties.
To ensure regulatory compliance and strengthen financial governance, CALIXYS offers you a flexible control automation solution, enabling cost savings and increased productivity.
It is essential for the Insurance company to have a comprehensive view of all financial data, for example – Premium payments and claim reimbursements.
CALIXYS offers an all-in-one platform where you can centralize all your financial data. With powerful ETL and flexible API integration, the organization can quickly import all the data into a single platform without complex configuration. It helps in performing financial reconciliation with complete data on time, and the organization can have a better overview of the entire financial data in real-time.
Financial institutions such as banks and Insurance companies can fully rely on XREC Reconciliation and streamline the reconciliation process.
Our reconciliation automation is fast and secure, and can efficiently process up to 1 million financial records in minutes. Now you can focus on investigating the breach and fixing the real problem. With a clearly defined automation workflow, you take full control of your reconciliation operation with full audit trails.
Let CALIXYS refine your data insights, so you can better manage the future of your business.
