The use of electronic invoices often involves IT system maintenance as well as security and comfort for insurance users. Liberty Mutual began modernizing and improving its IT systems using electronic invoicing to streamline financial processes and reduce payroll costs. The purpose of this article is to review this initiative and identify changes that have occurred in the IT world and explain how these changes have impacted finance and insurance on Liberty Mutual Company as a whole.
OBJECTIVES OF THE IT PROJECT
The development of the IT project with the development of insurance aims to simplify and improve the insurance process and improve the financial system for the first time. It is true that e-billing has its own rules and they differ according to the location of the financial system.
According to research by Bhimani (301), the following recommendations should be noted:
Electronic Invoice Standard (“INVOICE”) contains different codes for invoice language (continuous for all payments) and sending product and service information. An “INVOIC” template can also be submitted, which can be used to submit debit and credit notes. Debit and credit notes can also be submitted The “IFTMCS” template can be used to submit freight charges.
In light of this information, the main goal of IT transformation is to expand insurance capacity. Liberty Mutual Company Starting today, Liberty Mutual Company has had the opportunity to handle the online insurance process, thereby expanding the company’s client base.
NEW LEGAL INFORMATION
2000 was the year online technology spread around the world and Liberty Mutual was one of the first insurance companies to launch computerized accounting software. The first step in the introduction is to set up a test run. Liberty Mutual’s first e-invoice was tested in a contract with several law firms, the aim is to evaluate the system and provide all necessary improvements to the electronic system. According to the document (Recommendation 1):
Most of their time is spent dealing with Liberty’s cases and protecting beneficiaries. They believe Liberty can make a lot of money with this project, and then they can transfer a special talent to their customers and partners.
Liberty currently processes more than 400,000 electronic legal services invoices annually, accounting for 70% of all invoices the firm receives.
However, the first change was costly and the next step was aimed at lowering operating costs. Therefore, companies should improve their data entry ways to avoid mistakes in the process. With an income of $1 million, savings are close to $750,000.
How the automated process takes the bus
The purpose of the automated process is to reduce the time spent on routine work and repetition. Again, leave time for more work.
The automation process is organized according to the so-called problem level. The process itself is divided into small steps and stages, so for a month or more of the case, the invoice may contain 1,000 or more lines. However, it should be noted that the development of the account and customer database has become a major concern and Liberty needs to produce a very accurate report on company actions and results. Therefore, it is important for companies to establish a comprehensive and integrated approach for both customers and other customers and other stakeholders. Knowledge of time, if not the best, starts to simplify and improve the performance of many finance-related tasks.
This is compatible with the practices outlined in Hussey (131):
. When analyzing and responding to information about operational issues, two things seem to be important for business development. These are efficiency and reliability. Increasing the efficiency of the value chain can make them more effective in reducing costs, and improving the stability of their operations will make the value chain more efficient. Therefore, increasing the efficiency and accuracy of the value chain is the basis for the creation of new ideas.
These opportunities relate to the creation of customer business databases and the dissemination of collaborative business processes and information processing.
First time well explained in case (Suggestion, 1,):
Online billing also helps with faster processing and response time. Liberty can monitor how businesses hire and pay employees and partners, how they compete and collaborate on costs, hours and challenges, and when, how much and how often they issue duplicate invoices or make inappropriate requests. .
From this perspective, it should be noted that the top priority of these resources is the growth of the economy and the improvement of the benefits of financial services, which are important to the insurance industry.
What are the changes in technology to facilitate the work in the example
The “Information” section of document
shows changes in the market, but changes in the market require special attention. Because Liberty Mutual needs to update its business processes and at the same time streamline its IT department.
The main responsibility of the department is to control the security of information systems to ensure the operation of electronic equipment and to ensure that confidential information is safe and secure from threats and leaks.
Business model transformation. Actions include:
– Changing company information and social media.
– More business analysis for insurance
– The analysis has been changed to allow for electronic expenses.
– Data Source Control
– Social media content needs to be changed to accommodate growing audiences.
Finally, it should be added that the introduction of digital invoices is related to changes in terms of designed business and security procedures. As a matter of fact, the electronic invoices introduced by Liberty Mutual Company have changed the definition of insurance companies. In addition to the growth of consumer options, companies must also provide them with new safety and security.