Risk Management, Insurance Technology

Automating insurance reconciliations: Challenges and opportunities for 2022

April 21, 2022

Automating insurance reconciliations: Challenges and opportunities
Progress in the areas of robotics, Artificial Intelligence (AI) and Machine Learning (ML) continues to define a new era of automation in finance. In the last decade, one such focus area for many financial organisations has been automating and modernising key back-office processes like reconciliations.

Yet the insurance industry has lagged behind in this regard, relying on outdated reconciliation procedures far longer than any other financial sector. The result is that many firms today struggle with critical issues like differing data formats, manual processes and IT dependencies.

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Blue Cross Blue Shield of Michigan

Blue Cross Blue Shield of Michigan is a non-profit corporation and an independent licensee of the Blue Cross and Blue Shield Association. BCBSM's commitment to Michigan is what differentiates it from other health insurance companies doing business in the state. That mission has never changed. Nearly 70 years ago, Blue Cross Blue Shield of Michigan started with a purpose to provide people with the security of knowing they have health care when they need it. Today, that non-profit mission is the same and the company is accomplishing it in many ways, including:

OTHER WHITEPAPERS
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This report marks a milestone with Vertafore’s fifth annual survey and analysis of the state of the insurance workforce. In keeping with the top-of-mind employment issues in our industry, our earlier reports looked at the needs of our multigenerational workforce and how our industry was working to find new talent. These topics are still highly relevant in the insurance industry. However, the historic events of the past two years have caused once-in-a-generation shifts in the employment landscape. Our 2020 report dove into how insurance professionals were navigating the business impacts of the pandemic and remote work while still meeting the needs of their clients. Our most recent survey conducted in November and December 2021 provides insights into how insurance professionals at all levels are grappling with the Great Resignation, as well as how they feel about their work, career prospects, and their technology

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As we head into 2023, P&C insurers will prioritise digital transformation initiatives to navigate geopolitical risks, supply chain disruptions, sluggish growth and rising inflation. Key actions will include focusing on customer centricity, prioritising agile product innovation, embedding sustainability into corporate strategy, and building advanced digital capabilities to build a resilient, future-ready enterprise.

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Spotlight

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Blue Cross Blue Shield of Michigan is a non-profit corporation and an independent licensee of the Blue Cross and Blue Shield Association. BCBSM's commitment to Michigan is what differentiates it from other health insurance companies doing business in the state. That mission has never changed. Nearly 70 years ago, Blue Cross Blue Shield of Michigan started with a purpose to provide people with the security of knowing they have health care when they need it. Today, that non-profit mission is the same and the company is accomplishing it in many ways, including:

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