Insurers use SmartStream solutions to deliver automation and transparency across the transaction lifecycle, helping them to gain greater control over their back office operations.
Industry consolidation, pressures for quick returns, increasing claims costs, new capital adequacy requirements and client money rules are leading insurance companies to look at streamlining their operations to cut costs and improve efficiency.
SmartStream has worked with leading insurance organisations to help them create more efficient operations and control their operational risk. Proactive management of cash and control of the payment process can help to limit the impact of short-term cash flow issues, increase the confidence of regulators and improve customer service.
Insurers of all types use SmartStream’s experience to deliver processes that deliver visibility and control to different departments:
- Treasury operations: Helping to deliver efficient and compliant operations by automating the transaction lifecycle
- Finance operations: Centralising and automating sub-ledger to G/L reconciliations helping to reduce time, cost and risk in monthly, quarterly and year-end processes
- General insurance operations: Automating inter-system reconciliations and establishing an end-to-end and proactive exceptions-based process
- Asset Management and investment subsidiaries
SmartStream’s TLM solutions drive Straight Through Processing (STP) across the enterprise, helping to improve information flows, reduce costs and operational risk, and support cash flow forecasting and investment decisions:
Each SmartStream TLM solution is designed to be best in its class, offering the performance, scalability and flexibility needed to handle any type of instrument traded. They can be implemented as independent solutions or in a wider integrated architecture that aims to provide greater control, visibility and predictability over transaction lifecycles and enable businesses to outperform.