Spencer Rhodes and Bill Wrest from the Non-Bank Financial Institutions team at Barclays speak to Intelligent Insurer about why transferring to a digital format could save insurers considerable time and money.
In an increasingly digital age, and with clients becoming ever more reliant on technology, it is essential that insurers embrace new technological advances in order to remain relevant. However, given that the insurance market relies heavily on paper-based transactions, facilitating a move away from manual processing will continue to be a challenge.
The cheque is one of the most commonly used means of transferring money for insurers, and as Spencer Rhodes, director of insurance at Barclays comments: “The fact that change hasn’t occurred more quickly is largely due to a lack of incentive to invest in better payment infrastructures. But, slowly, change is happening.” During this transition period, however, the cheque still poses a number of potential problems for insurers.
The challenges surrounding cheques
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Spencer Rhodes, Bill Wrest, Barclays, Insurance, Digital Format