Securus: back office system from Supermoney

The deck

The four problems it named

The opening slide, in its own words:

• “Discrepancies between accounting and settlement systems.”
• “Significant effort and cost of manual reconciliation between insurers and insurance brokers across financial accounts.”
• “Risk of human errors and fraud impacting regulatory compliance, re-insurance accounting and profitability when retrospectively reconciling book values with settlement values.”
• “Extended delay in claims settlement to the end customer, risk of losing business at renewal.”

The deck

What it offered

• A modular back office with accounts reconciliation, integrating with existing applications over a REST API.
• A bordereaux screen covering all lines of cover: live, lapsed, adjusted and cancelled.
• End-to-end claims management across newly reported, current and settled claims, with an auto-authorise settlement function on new claims.
• Fully automated real-time updates and reporting between underwriting and claims.
• A unique reference generated for every bank payment and claims settlement.
• A single source of truth across the network parties, removing the need for retrospective reconciliation.

Since

Where this argument goes now

The same four problems, and what has changed in the four years since, are set out in Three propositions for UK motor.