Kyriba Payments Solution for Insurance Companies

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.

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• Outdated back-office systems requiring extensive and costly IT support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.

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.