Sometimes finding the path forward to better, more efficient processes begins with an important step back, to take a fresh look from a holistic point of view.
This proved to be the case for Spinnaker Insurance Company, a specialty property and casualty insurance company located in Bedminster, New Jersey. The company had been relying on a third-party fintech solution to facilitate payments processing, which led to inefficiencies that the treasury team wanted to address and streamline.
“When we began to have conversations with the team at Spinnaker Insurance Company, rather than focus on any particular friction point or problem, we wanted to take a look at their payables process holistically to really learn about the business and understand how they were doing things,” said PNC Treasury Management Officer Matthew Lieberman. “What we discovered was that while we certainly could help address their payments inefficiencies, we could also help make their overall treasury operations more streamlined and efficient through embedded finance capabilities.”
Embedded finance is the integration of financial services, such as payment acceptance and initiation and balance and transaction reporting, directly into a business’s processes and systems. It places services directly where and when they are needed, streamlining processes that might otherwise be manual or require leveraging multiple interfaces or platforms.
In the case of Spinnaker Insurance Company, PNC was able to integrate its PINACLE Connect® and Invoice Automation solutions into the company’s treasury processes, solving not only for the original problem of eliminating manual payment tasks through automation, but also creating a more seamless overall treasury experience. Both PINACLE Connect and Invoice Automation embed directly into Spinnaker Insurance Company’s existing Enterprise Resource Planning (ERP) system, which allows for the creation of integrated, end-to-end internal processes that help the company reduce back-office bottlenecks and improve cash flow.
The successful integration of these solutions speaks to the importance of open, proactive communication, as well as the willingness to turn to banking teams for support and ideas, according to PNC Relationship Manager Karen Kondel. “The conversation with Spinnaker Insurance Company may have started due to one specific need, but by being willing to take a step back and evaluate their treasury operations holistically, they are now able to function much more efficiently and effectively overall. It’s a great example of how PNC’s embedded finance solutions, combined with a consultative approach, can really be a game changer.”
Ready to Help
PNC’s team of treasury specialists is available to help unlock business potential, navigate new technology, and overcome the challenges that come along with digital transformation. No matter the company's industry or size, the PNC Treasury Management platform offers solutions that are flexible in scope and geared towards driving measurable results and improving key performance indicators. For more information, reach out to your PNC Relationship Manager, or contact us.
