Challenges around accurate and secure fund management especially loss fund management is a widely discussed topic in the insurance industry. Insurers, MGAs and TPAs have wrestled overtime to improve their processes and the efficiency of their fund management; however, there is still significant room for improvement and innovation across the market.
Vitesse and PwC have combined efforts to provide a joint proposition to the delegated authority market which aims to address these challenges. Vitesse is recognised for its digital payment solutions and treasury management capabilities, while PwC brings deep expertise in change management, insurance market knowledge, and finance & claims transformation.
The joint proposition focuses on a range of benefits intended to help address long-standing challenges in the industry, including:
Returning Lost Funds to Insurers
Insurers often struggle with managing multiple accounts, leading to missed opportunities for fund recovery and ineffective cash flow management. Traditional loss fund processes are often mired in complexities, making timely fund recovery difficult.
Vitesse’s digital payment solutions are designed to enable quicker identification and transfer of lost funds, helping insurers align fund management more closely with their financial strategy.
"Digital payment solutions are enabling a shift from reactive to proactive fund management — helping insurers identify and recover lost funds faster than ever before."
Keeping Funds Secure with Trusted Tier-1 Banking Partners
Operating on trusted tier-1 banking platforms is crucial for any insurer looking to establish credibility and security in their operations. PwC and Vitesse collaborate to ensure that all banking activities are conducted in line with these reliable platforms.
This approach can help reduce the risk of fraud, while building trust among stakeholders. In addition, working with recognized banking entities enhances the overall operational efficiency, provide access to greater liquidity and support improved funding mechanisms.
Drive Cost Efficiency and Interest Accrual
In an environment where cost efficiency is increasingly important, reducing transaction and foreign exchange costs remains a priority for insurers. Many insurance firms have historically incurred substantial fees due to inefficient banking processes and outdated systems.
Through the PwC-Vitesse collaboration, there is an opportunity to reduce these inefficiencies, with Vitesse’s technology supporting more streamlined transactions and helping insurers better manage interest accrual on held balances.
Providing Visibility and Control of Funds
Visibility remains a key consideration in insurance finance. Historically, insurers have relied on systems that limit real-time tracking and oversight of funds.
The digital banking platform offered through PwC and Vitesse is intended to provide insurers, delegated claims authorities (DCAs), and brokers with improved visibility into fund flows. The ability to view fund movements more clearly can help simplify decision-making and strengthen collaboration among stakeholders.
"The ability to view fund movements more clearly can help simplify decision-making and strengthen collaboration among stakeholders."
Supporting More Effective Reconciliation
Effective fund management has traditionally relied on processes that are time-consuming and reconciliation-heavy, often involving multiple systems and delayed reporting.
By reducing reliance on manual reporting and outdated processes, insurers can work toward faster and more accurate financial reporting, helping to ease the operational burden associated with reconciliation.
Turning Fund Management into a Competitive Advantage
As insurers continue to evolve their delegated authority models, fund management is increasingly being viewed as more than a back-office function.
The PwC and Vitesse collaboration reflects a broader shift away from traditional loss fund processes toward more transparent and digitally enabled approaches. By improving visibility, control, and efficiency, insurers can work toward turning fund management into a source of operational resilience and competitive advantage.
"By improving visibility, control, and efficiency, insurers can work toward turning fund management into a source of operational resilience and competitive advantage."
Looking Ahead
The work between PwC and Vitesse represents an ongoing effort to modernise insurance fund management. Organisations seeking to enhance their processes, reduce complexity, and gain improved visibility are increasingly exploring how digital treasury solutions can support their broader objectives.
PwC and Vitesse continue to work with insurers and delegated authority participants that are assessing how to adopt more modern approaches to fund management.
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