SID, the new comprehensive insurance platform from Zov Solutions launches today in the UK, helping insurers and MGAs solve inefficiencies
Insurance technology is set to be disrupted today with the UK launch of Zov Solutions, and its platform SID. SID is a fully-integrated general insurance software that enables non-life insurance providers to manage underwriting portfolios, bill clients, gain insights and review policies. The software makes it easier for insurance companies to keep on top of the entire policy lifecycle, streamline their business and help grow their customer base.
Zov Solutions was founded in Sofia, Bulgaria by a team that has spent more than thirty years in the insurance industry. After experiencing many of the frustrations that insurers deal with first-hand – such as outdated legacy systems, poor-quality information and claims handling delays – Zov Solutions has developed its own software, named SID, to solve inefficiencies for insurance companies.
“We know today’s insurance companies need to modernise and adopt a more client-centric approach in order to stay competitive. They need better technology to do away with inefficient processes that waste money, time and resources,” said Petko Tonchev, Director at Zov Solutions. “With the launch of SID, UK insurance providers can streamline the underwriting process, remove claims wastage and track the development of the whole portfolio, at the touch of a button. Insurers can now make faster decisions, work smarter and expand their customer base – all from one platform.”
For insurance companies, adopting SID will result in increased efficiencies thanks to the ability to run detailed analysis and reporting, and to track the development of the whole portfolio from a personalised dashboard. This gives MGAs and insurers a single, unified view of their clients and policies. Users will also be able to build new insurance models and products from SID’s database of easily-configurable risk and product attributes.
The streamlined underwriting process is supported by a step-by-step workflow wizard that helps users complete complex processes with minimum effort. Thanks to its adaptive technology, companies also don’t need any new infrastructure to operate SID, making it easy to integrate into any size of operation and grow with your business.
NEW IVALUA STUDY SHOWS TECHNOLOGY CHALLENGES ARE HINDERING PROCUREMENT TEAMS FROM ACHIEVING BUSINESS OBJECTIVES
Lack of system integrations and actionable insights are stopping organisations from accurately measuring performance
Ivalua, a leading provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.
The research, conducted by Forrester Consulting and commissioned by Ivalua, found that procurement teams are increasingly being measured by non-cost KPIs such as revenue opportunities being created, payment performance (e.g. on time payments) and spend visibility. However, a lack of data integration between systems (44%), lack of relevant insights (40%) and insights not being made available at the right point in the process (39%) are preventing organisations from accurately measuring progress against business objectives. This is because organisations continue to face challenges when it comes to harnessing technology in procurement, with existing systems not being fit for purpose (36%), poor data quality reducing trust in information (36%) and staff having inaccurate expectations of what technology can do (34%).
The research went on to reveal that more digitally “advanced” procurement departments are far exceeding “beginner” procurement departments that are less digitally mature in the range of KPIs they track, how frequently they measure success and the levels of planned technology investments. Key findings include:
- 97% of advanced procurement departments say procurement strategy is well aligned with overall business strategy versus only 14% of beginners.
- 51% of advanced procurement departments measure performance weekly or biweekly, versus only 26% of beginners.
- Only 16% of beginners proactively monitor suppliers’ contracts for expiration and risk, versus 94% of advanced – this is critical for helping organisations manage today’s global supply chain challenges, such as the Coranavirus outbreak.
“In order for procurement teams to achieve their growing list of objectives and become strategic enablers for their organisations it’s clear they need to overcome a number of technology challenges” said David Khuat-Duy, Corporate CEO of Ivalua. “As we can see from more digitally advanced procurement departments, technology adoption has helped them to align with business objectives, actively measure performance and add value in areas such as risk management. Their investments and approach to leveraging technology is building a competitive advantage.”
According to the study, the amount organisations are spending on procurement technology has been rising and expected to accelerate. In the past 12 months, 46% of organisations increased spending by 5-10%. In the next 12 months, 39% plan to increase spending by 5-10%, while a further 43% plan to increasing spending by 10% or more. Procurement leaders are also looking to fully digitise procurement processes (40%), becoming the preferred customers of strategic suppliers (40%), implementing new software for sourcing/procurement (38%) and improving reporting and insights (38%) to help achieve objectives.
“It’s encouraging to see organisations investing more in technology, which will help procurement become a key strategic enabler that goes beyond cost reduction to build a competitive advantage,” added Khuat-Duy. “Increasing adoption of technology will allow procurement teams to gain complete visibility into all suppliers and spend. This will open up further opportunities for procurement to help identify revenue opportunities, track risk and improve sustainability, helping to contribute towards wider procurement and business objectives.”
Download the full study here.
*The February 2020 study was conducted by Forrester Consulting on behalf of Ivalua and is based on a survey of 409 finance, procurement and supply chains decision makers throughout North America and Europe, as well as several in depth interviews.
ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY
Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud and meeting PSD2 requirements
OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the leading banks in Central and Eastern Europe, has integrated OneSpan’s Mobile Security Suite into its banking app MobilBank. Erste Bank Hungary selected Mobile Security Suite to enable and protect online and mobile transactions and to comply with PSD2 requirements for authentication and dynamic linking.
The European Payment Council has stated that social engineering attacks continue to increase and remain instrumental in fraud schemes, often in combination with malware. Erste Bank Hungary chose to implement OneSpan’s Mobile Security Suite to protect against potential social engineering and malware attacks directed at its customers. OneSpan’s technology enables banks to integrate application shielding, biometric authentication and transaction signing.
Erste Bank Hungary added Mobile Security Suite’s Cronto visual transaction signing to replace the bank’s SMS authentication with push authentication for login and transaction signing. This new process improves security and eliminates significant costs related to SMS delivery. OneSpan’s Cronto technology also helps fight social engineering attacks like phishing, while enhancing the customer experience by enabling transaction signing using a color QR code.
“OneSpan’s proven technology will help us maintain our leading position in the market without compromising on security or the customer experience,” said Erste Bank Head of Digital Services, Akos Andras Molnar. “As part of this roll-out, our customers can also make online purchases using push notification with any retailer connecting to Erste Bank via the 3-D Secure protocol.”
“Criminal hackers continue to target banking customers as social engineering remains a preferred technique,” said OneSpan CEO, Scott Clements. “In their search for security solutions, banks need to consider cost, convenience and regulatory compliance. OneSpan’s technologies address these concerns so that banks can focus on providing a secure and convenient customer experience.”
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