In an organization every functional area is expected to reduce operational costs and create programs that contribute to the bottom line. StoneRiver’s Joe Floss has created an article discussing how to Boost Your Bottom Line and Gain Insight into Your Payables. In the article he says that from a traditional operations perspective, much of the incremental efficiency gains have been captured in payment processing through automation efforts and increased use of ACH (Automated Clearing House) payments.
Re/insurance companies continue to benefit from a flow of new capital primarily driven by investments in insurance-linked securities (ILS), sidecars, hedge fund-backed reinsurance companies and collateralized reinsurance vehicles, chiefly by means of catastrophe bonds issuance.
Insurance industry veterans know that accounting staff responsible for preparing a carrier’s annual statement draw a sigh of relief after March 1, the deadline for filing. Many of them face a year-end crunch of manually assembling information from different places, systems, and spreadsheets. There’s also a scramble to secure Schedule F funding, in forms of letters of credit, trust fund and other collateral. The scramble for reducing or eliminating the Schedule F penalty is paramount.