As InsurTech makes slow but steady inroads in the insurance industry, the focus is now on cutting inefficiencies and streamlining workflows—things that can be done today with proven technologies that don’t require a massive digital overhaul.
Executive Summary
Stronger compliance, decreased costs and potentially faster claims closing are the InsurTech promises that an automated reconciliation solution can bring to the insurance industry today, says Fiserv's Renata Sheyner. Here, she discusses the benefits of bringing the full range of transaction- and balance-level data together into a single system.One of these technologies is automated reconciliation. Automating the time-consuming and error-prone reconciliation process can make a significant impact on the bottom line and reduce the risk of compliance misses and mistakes.
Getting the Numbers Right
For insurance organizations with millions of transactions, closing the books is no easy feat. Quarterly, half-year and annual 10-K reports—along with other forms required by regulatory agencies—keep the accounting team hopping to meet deadlines year-round.
