Digitalising Finance Operations

Claims Payment Factory

Industry: Insurance
Client: Large Global Insurer



A top 5 Global Insurer pays millions of USD in claims per week via its commercial business arm. The payment instructions arise from several claims systems which have to be consolidated into a single set of payment instructions for their banking partners. This is currently done in an inefficient manner via a mixture of manual and legacy system processes. The technology is in-house developed, several decades old, and requires dozens of IT people for maintenance and evolution. A combination of increasing volumes of payments, duplicate payments, and errors in processing means the payment process is effectively broken and in dire need of re-invention.


The F3 platform solves these issues through a combination of Digital Contracts, Virtual Accounts, and business rules supplemented with Machine Learning. The platform loads the separate payment feeds into a number of Digital Contracts which control and generate smart transactions relating to individual claims payments. All the payment data is now stored in one common format, that can be read and processed by the platform. We deploy virtual accounts to ensure all counterparties and payment entities have their own account. The platform automatically allocates the right claims payment to the right account, and then generates the payment instructions to move the monies optimising both funding and FX.


All current and future claims payments are captured on the platform, and all counterparty future liabilities are analysed via a single aggregated view. Cash flows can be accurately forecasted and once validated, payments are automated and the individual payments matched to the gross outgoing payment. New virtual accounts for new counterparties can be selfadministered and opened in minutes rather than weeks when required. Once the loaders are defined, the overall implementation of the solution is done in a few weeks.


  • One common robust and optimised process across all claims payments independent of the underlying Claims systems.
  • A swift integration process enhancing, rather than replacing the current claims systems.
  • Operating costs are significantly reduced.
  • Visibility and Control of the claims process is greatly increased.
  • Regulatory Assurance Is fully respected.