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TrueCommerce EDI for Insurers – improves visibility, traceability and reliability
The EDI focus in general insurance has previously been centred on the exchange of risk data according to Polaris EDI message standards. Many of these processes reside in legacy systems supported by an ever diminishing knowledge base. With increasing workloads and new industry initiatives and governance, insurers need to free up resources from the day-to-day operation of ever more complex EDI systems and focus on their core business.
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 regularly is 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 audit-ability.
Increasing numbers of insurers are moving to a fully managed EDI service to free up internal staff, however, by doing so they are also bringing many back-door processes under the umbrella of a single managed system, improving the accuracy and efficiency of data exchange.
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 and e-invoicing service links insurers to intermediaries and suppliers, offering a range of solutions from EDI which is fully integrated into back-end ERP systems, through to customer portals where transactional data can be keyed in or downloaded. As a fully 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.
Insurers including Lloyds TSB, Dewhirst and RSA have outsourced their EDI requirements to TrueCommerce. If you are an insurer that needs to trade via EDI, TrueCommerce can connect you with all the general insurer software house, including Open GI, CDL and SSP. Please contact us for more information.