Moving Beyond The Pain Points: Improving The Insurance Reconciliation And Payments Architecture

OUT-DATED AND MANUALLY INTENSIVE collection and reconciliation systems have a stranglehold
on the insurance sector, stopping companies from getting any satisfaction from the moving
feast of payments they must process daily.
Total non-life gross written premiums in the United Kingdom were £59.1bn in 2017, and £58.2bn
was paid back out in claims during the same year. That is the best part of £120bn flowing between
policyholders, brokers, intermediaries, insurers, loss adjusters, repairers and other associated
parties in the supply chain.
To get an insight into how the insurance industry is managing this financial merry-go-round,
financial utility, Banking Circle teamed up with Post to canvas opinion from the sector. The results
of that research are detailed and discussed in this white paper.

Download the white paper here.

  • Published on 10th January 2019

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