Kyriba Payments Solution for Insurance empowers insurance firms with a scalable connectivity and payments solution to tackle back-office system complexity, lack of workflow unification and increased fraud risk.

Insurance companies are traditionally challenged by a high volume of payment activities and complex liquidity pooling structures. Such complexity becomes more challenging over time when the business expands with international or domestic mergers and acquisitions. Despite it (including claims and accounts payable) being such a business-critical process, payment processing remains inefficient, often due to siloed and obsolete home-grown back-office systems.

Imagine a Typical Payment Scenario of an Insurance Firm

A request is initiated in System A
It is sent to System B for review and approval
Next, it is sent to System C to be further processed
Finally, it is uploaded to a banking portal to be executed
Payment confirmation and bank statements are to be downloaded and manually transferred to multiple systems of record

Multiply that scenario by thousands of payments on a daily basis, insurance companies find themselves in the following payments complexity due to a lack of end-to-end automation and visibility:

Outdated back-office systems requiring extensive and costly IT support
Unavoidable errors and oversights
Potential money loss from undiscovered duplicate payments
Increased operational risks due to potential fraud and non-compliance
Lack of unified cash and account visibility with high bank fees
Missed cost-saving opportunities due to reliance on wires instead of lower-cost payment services
Missed yield-generating opportunities from idle cash
Unable to leverage faster payment rails (e.g., RTP®) or other nascent payment methods (e.g., Zelle) to support customers’ evolving business needs

Kyriba’s Payments Solution Answers to Your Challenges

Kyriba is the preferred connectivity and payments solution provider by some of the largest insurance companies in the United States, including AIG, MetLife and Brighthouse Financial. Kyriba has designed a modern solution with the features insurance companies require to address their growing business needs.

PAYMENTS SOLUTION	PRODUCT FEATURES HIGHLIGHTS
Payment Factory	One centralized payments hub to manage workflows across all your back-office systems End-to-end integration with all your banking partners Straight-through processing, fraud detection (AI-powered), smart routing Bank API and real-time payments ready
Bank Connectivity-as-a-Service	Over 9,900 pre-built bank connectors, eliminating the need for IT to build, test or maintain bank connections A format library with over 66,000 payment scenarios ready for use
API-Ready System Integration	Kyriba Developer Portal with API catalogue and use cases Pre-built ERP and other real-time connectors Curated Marketplace Apps, e.g., ICD for investment, Copper for digital assets
Cash Visibility and Mobility	Bank account management (BAM), bank fee analysis, in-house bank/netting Cash forecasting with AI capability Interactive business intelligence dashboards

A Future-proof Payments Solution for Insurance

Kyriba’s awarding winning connectivity and payments solution centralizes payment workflows, automates manual tasks, enhances controls, and connects back-office systems to banks to create real-time cash visibility.

To learn more, please contact us or request a demo. Our experts are ready to show you how Kyriba's connectivity and payments solution for insurance companies is the right one for your organization.

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