Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 16th of October 2018
November 4, 2010

Bacs advises firms to make back office savings

by Richard Kilner

Story link: Bacs advises firms to make back office savings

Insurers can make substantial savings through back office efficiencies, according to Bacs Payment Schemes Ltd.

The use of Direct Debit alone has saved UK businesses £3bn, and the not-for-profit organisation has urged the public and private sectors to look at the back office first when it comes to making savings.

In spring a score of local authorities collectively saved half a million pounds simply by switching their payments to Direct Debit, with savings of £8.7m possible if the entire UK followed the example set.

Bacs’ Insurance Sector Manager Dawneth Perry has said that automated payments can help make a substantial impact in the fight to reduce the country’s deficit.

In a similar vein, Perry urged insurance firms to look at keeping the effect of cost-cutting on core activities to a minimum and focusing upon back office efficiencies to generate savings.


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