1 minute of Insurance Spotlight David Punter Insurance SME Play NEWS Allianz Worldwide Partners UK selects Optal to simplify and optimise claims payments Read more 5 mins 837 views 22/03/18 BLOG Three reasons why insurers choose Optal for B2B payments Read more 5 mins 764 views 05/03/18 MOVIES Transforming B2B Payments. How it works. Read more 2 mins 646 views 09/11/18 Opportunities for Insurance Transforming B2B Payments. How it works. Optal helps insurers turn B2B payments into a new revenue stream. We can also help you do much more — saving costs through payment process optimisation and lower bank fees, and even generating rewards. Watch our short movie above to see how Optal could add value to your organisation today. Play Optimise with us Digital transformation is bringing a host of new opportunities thanks to technologies such as cloud computing, AI, big data analytics, block chain and the Internet of Things (IoT). They promise much, including the ability for insurers to create new products and services to better meet changing customer demand, as well as boosting efficiencies and reducing costs. Nowhere does digital transformation have the potential to benefit insurers more than in the B2B payments space. The payment of suppliers is a vital part of the claims process, but historically it’s been riddled with inefficiencies that hurt the bottom line, open insurers up to potential fraud, and threaten to sour relationships with suppliers and customers. The good news is that digital end-to-end systems already exist to take the inefficiencies out of B2B payments. By moving away from cheques, ACH payments and manual processes to automated electronic payment systems such as Virtual Account Numbers (VANs), insurers can cut overheads, improve efficiencies, reduce the risk of fraud and generate bottom-line revenue. WHITE PAPER The digital dilemma Cheques are fraught with risk and represent an unreliable, inefficient and outdated way to pay. Yet, 44% of the senior finance professionals we surveyed admitted to still using them to pay suppliers. Download PDF WHITE PAPER Pushing Back on Payments Fraud Authorised push payment (APP) fraud cost UK businesses £126m in 2018 and losses are set to grow as more scammers look to cash in. It’s relatively easy for them to trick finance teams into paying fake invoices and suppliers, and there are few repercussions. Download PDF Our solutions approach Optal is a brilliant optimiser. We help Insurers gain a competitive edge by focussing on their own payment processes. We see and act. We help you reveal the problem and resolve your payment issues with a can do culture, creativity and expert advice. Adding value Unequalled opportunities Multiplier effect Reducing risks Adding value Optal’s automatic reconciliation tools can process and match multiple rich data sets, and can be customised to your needs. With every payment transaction having its own unique number you’ll never have to manually reconcile payments again. Watch the video Solutions guide How automating B2B claims payments can improve your revenues Download PDF The Optal solution Time to consider VANs Virtual Account Numbers are automatically generated, single-use virtual cards that are used to pay suppliers. Backed by major card schemes like Mastercard, they generate unique numbers for each transaction – improving security and control – and reconciliation is automatic and immediate, reducing overheads and manual errors. Optal provides insurers with innovative and secure solutions that are practical and profitable, to reduce risk and add value. Discover how VANs add value to our customers: Download PDF Download PDF Download PDF Download PDF If you have any questions or would like to know more, let’s talk. First name Last name Your organisation Your email address Telephone number By pressing “subscribe”, you agree that Optal may collect your full name and email address so we can add you to our subscriber list to receive marketing material, newsletters or general information about the Optal group’s services. We will only use your information for the purposes set out in our Privacy Notice. If you wish to unsubscribe you can do so at any time by emailing us at unsubscribe@optal.com or by clicking on the unsubscribe link at the end of any marketing email you receive from us. Download our latest thinking Latest Tweet Loading... Home Our solutions About Optal Our purpose and values Latest news Talk to us View insurance sector © Optal Limited 2021 | NMLS ID 1527344 | Regulatory Information | Privacy Notice | Cookies | UK Tax Strategy | Modern Slavery Act