The insurance sector has been a relatively late adopter of new technologies, innovations and digital transformation when compared to sectors such as banking and finance.   However, in recent years the Insurtech scene has begun to flourish and an increasing number of insurance based companies are overhauling their current processes and systems.  

Those that have taken the plunge are seeing the benefits of adopting software solutions which have manifested themselves in greater business efficiencies, reduction of operating costs and increased profitability.

Insurance Accounts Reconciliation
One of the biggest headaches that still exist for insurers and insurance brokers is the manual reconciliation of financial accounts.  The insurance accounts reconciliation process requires insurance companies to compare the balances in their accounting systems against the balances in their settlement platforms.. 

As diverse and large as an insurance company can be, each department typically performs its own internal reconciliation on a regular basis in an attempt to resolve discrepancies.  Thus ensuring that the company’s financial statements are accurate and timely. To complete this process, the company uses check and balances, as well as other well established techniques of audits and testing.

However, this process not only requires an enormous amount of effort but also exposes businesses to error and fraud and can ultimately affect profitability.  Retrospectively reconciling book values with settlement values following a discrepancy requires insurance companies to meticulously compare the balances of their various accounts, which is complex, messy and open to human error.

Introducing SECURUS
The team at Supermoney have built a product to specifically address this issue.   Built using Supermoney’s innovative Distributed Ledger Technology (DLT) on the Oracle Blockchain platform, SECURUS is a fully automated end-to-end finance & accounts reconciliation solution incorporating underwriting and claims functions.

SECURUS provides a modular back office system, with accounts reconciliation, and it integrates with new and existing applications via a restful API to give complete flexibility and ensure seamless interaction with established infrastructure.   The use of the existing Oracle based Blockchain infrastructure, along with Supermoney’s proprietary technology means that deployment of SECURUS is quick, straightforward and relatively painless for all involved and a proof of concept can be up and running in a matter of hours, rather than weeks, at an affordable price.

SECURUS provides the added benefits of full automation of your processes, thus reducing costs and increasing productivity; the mitigation of risk due to the transparency and accuracy that the platform provides; and increased profitability due to reduced costs and increased revenue opportunities.

Forward thinkers will thrive
The reality is that the right technology deployed in the correct way could be transformative for many organisations in the insurance sector driving a multitude of benefits for all stakeholders.    Those forward thinking enough to collaborate with technology companies and invest in platforms that drive new ways of working, transparency and efficiency will be the ones delivering growth for their shareholders.

Supermoney is a disruptive, innovative and highly customisable technology platform that simplifies the management of business networks and processes.  We work with best in class global partners to create technology products that are efficient, productive and highly effective and make Blockchain easy to understand and accessible & affordable to all.

To find out more about Supermoney, SECURUS or just to have a chat please get in touch – info@supermoney.co