Kyriba Payments for Insurance Companies
Kyriba empowers insurance firms with a scalable payments and connectivity 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 payments (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 payment 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
The Invoice Selector module is Kyriba’s latest innovation for corporates to expand value and realize payment optimization. The module is fully integrated with Kyriba’s Cash Management, Payments Hub, and our early payment program, Dynamic Discounting. Finance Users have multiple workflows for selected invoices:
- Outdated back-office payment systems requiring extensive and costly IT support
- Unavoidable payment errors and oversights
- Potential money loss from undiscovered duplicate payments
- Increased operational risks due to potential fraud and non-compliant payments
- 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 payments needs
Kyriba’s Answer to Your Challenges
Kyriba is the preferred treasury 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.
|SOLUTION||PRODUCT FEATURES HIGHLIGHTS|
|API-Ready System Integration|
|Cash Visibility and Mobility||
A Future-proof Solution
Kyriba’s awarding winning solution centralizes payment activity, 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 solution is the right one for insurance firms.|