Fixing the mess of unsorted cash in Insurance industry through Digital Transformation

Fixing the mess of unsorted cash in Insurance industry through Digital Transformation

The problem of unsorted has been there for a while in the insurance industry. The ample of collections received by the service provider at the time of contract termination is quite unnoticed as a particular receivable and remains pending investigation. This become quite a major issue for the insurance companies and dampens the relationship between their customers and them and also leads to compliance and various other issues. According to UNTACD’S world investment report, millions of dollars worth of unallocated premium is confined in insurer books across the globe. With increasing emphasis on fund applications

Adopting data and analytics tools to enhance efficiency

With the adoption of data and advanced analytics, insurance providers can keep a track on historical data and trends, also measure the levels of delinquency and inventory to optimize workflows and fabricate a scalable control and strategies of collection. With the help of key data insights businesses can are able to roll out informed decisions to streamline roll-rate and flow rate visibility while executing positive business operations.

Charting unallocated cash with debt age

The type of account or policy and the age of debt are two major factors which constitute the bedrock of collection processes. By charting unallocated cash with debt age, numerous complex processes like customer behavior, contact to settlement ratio, query and dispute ratio, can be smoothly identified and addressed.

Unravel Report generation

Rigorous mapping inventory performance along side with month on month delinquency ratio is extremely important for insurance companies to put a halt on financial leakage and efficiently manage cash flows. By establishing automation and cloud based solutions, Espire is helping leading insurance brands disentangle the complex report generation process, decrease the dependence on hand operated efforts, streamline inventory management and mending operational cost.

Let’s understand how Espire can help mitigate the challenges of unallocated cash with the help of a template

The success story of leading insurance run off claims business in London and execute a centralized reinsurance and accounting system to streamline multiple claims and allied financial movements with the help of Espire.

Major business obstructions

1) The clients tend to leverage legacy technologies like AS400, COBOL etc which needs time to time maintenance and enhancements.

2) A major dependency on Excel sheets for any sort of complex calculations that leads to financial leakages due to false cash/ledger entries.

3) Inefficacious reporting system leads to mismanagement of crucial business data.

4) An extreme need for a user friendly cloud-based accounting and reporting solution to help reinsurance and accounting processes.

Top business gains

1) With the help of Espire automated reinsurance and accounting system administrators are needed to receive calculated liabilities put system out of the system for a creditor.

2) It allows easy access to critical business data and allows swift generation of reports.

3) It lightens the problem of unallocated cash with the help of increased automation accounting.

4) It also puts a break to the financial leakages that are caused due to human and helps lessen the operational costs.