In the face of growing competition and tighter margins, many insurance organisations are adapting business models by optimising core back-office processes like financial controls.
An often overlooked area for modernisation is the credit control function, which is responsible for the collections of premiums not paid upfront.
At present, many firms manage these processes through multiple different ledger systems, legacy systems and spreadsheets.
But many are struggling unnecessarily because automated tools can greatly simplify this process, allowing insurance organisations to:
- Accelerate cash flow by recognising backlogs of unallocated cash
- Reduce financial risk with more visibility of key transactions for collections
- Scale business models more freely
- Increase operational efficiency
- Reduce turnaround times
Download the full paper to learn:
- Why the credit control function within insurance is more complex than other sectors
- How other firms typically manage these processes
- The symptoms of an inefficient credit control process
- The consequences of failing to modernise
- The business benefits of credit control optimisation
- Why many insurance firms typically neglect to modernise this process
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