TrueCommerce EDI for Insurers – improves visibility, traceability and reliability
EDI service for the insurance industry - TrueCommerce EDI for Insurers – improves visibility, traceability and reliability
With increasing workloads and ever more Industry initiatives and governance, Insurers need to free up resources from the day-to-day operation of ever more complex EDI systems. The often complex and time consuming product development associated with initiatives like MyLicence, CMA and FloodRe together with the extensive testing required, can put pressure on internal resources and there is often not the capacity to have dedicated EDI resources in-house.
In addition regulation of the Insurance industry is always on the increase with the likes of the FCA and Solvency II, insurers are having to review their third party connections, in terms of security, visibility and auditability. Many back-door processes need to be brought under the umbrella of a single managed system, whether it be in-house our managed by a third party.
The EDI focus in General Insurance has previously been centred on the exchange of risk data according Polaris EDI message standards. Many of these processes reside in legacy systems supported by an ever diminishing knowledge base. Moreover, Insurance Finance Departments are increasingly realising the benefits of using E-Invoicing for the vast array of suppliers that service the Claims supply chain. These include glass replacement services, property mitigation, insurance replacement, loss adjusters, as well as medical and legal services. The use of E-Invoicing can greatly reduce the cost of Accounts Payable processes as well greatly improving accuracy and order-to-pay cycles.
The TrueCommerce EDI service can link insurers to intermediaries and suppliers and offers a range of solutions from EDI fully integrated into back-end ERP systems through to customer portals where transactional data can be keyed in or downloaded. As a Managed Service it removes the need for in-house EDI experts and provides a platform for the more extensive use of EDI with Brokers, Delegated Suppliers, MGAs, Capacity Providers, and the Claims Supply Chain.