From Legacy to Liquidity: The Future of Insurance Payments

This piece is by Phil McGriskin, CEO and co-founder of Vitesse.

In insurance, timing is everything. Whether settling a claim, supporting a policyholder in crisis, or managing liquidity across global operations, the speed and accuracy with which funds move can impact customer trust and overall performance. Despite significant innovation seen across underwriting, pricing, and customer engagement, the infrastructure underpinning global payments remains fragmented.

This is especially true when it comes to cross-border disbursements, where the promise of “real-time” is challenged by a landscape of regulatory fragmentation, mismatched payment rails, and siloed financial systems.

Infrastructure Under Strain

Our latest research, The State of Claims Finance, which surveyed over 200 senior insurance leaders across the US and UK, revealed significant gaps between intention and capability in claims finance operations. Only 1% of respondents rated collaboration between claims and finance teams as “highly effective,” with more than three-quarters citing friction in working with banks, brokers, and TPAs.

Notably, 66% of insurers flagged liquidity access as a top operational challenge, a figure that rises to 74% in the US. At the same time, only 32% of finance leaders reported having visibility into delegated claims funds. These are not small oversights; they are systemic bottlenecks that slow payouts, delay reconciliation, and expose insurers to both financial and reputational risk.

For years, the focus has been on front-end transformation – better digital experiences, automation, and personalisation. Meanwhile, the back end has remained largely disjointed. As the complexity of the global claims ecosystem grows, it’s clear that financial coordination is no longer just a back-office concern, it’s a strategically essential.

Cross-Border Realities

Domestic instant payment systems have come a long way in recent years. Yet, cross-border payments remain one of the industry’s toughest challenges. The obstacles are well-known: multiple currencies, differing local regulations, time zone mismatches, and a patchwork of intermediaries that play into speed and visibility.

The next 18–24 months are pivotal to shifting away from legacy models. The solution lies in network-based infrastructure systems that connect directly to local clearing networks across key global corridors, reducing reliance on traditional correspondent banking methods. Embedding directly into local payment ecosystems across the UK, US, and EU can enable near-instant settlements in multiple currencies, with compliance built in from the ground up.

This isn’t just a technical upgrade; it’s a structural reset that gives insurers more control, transparency, and liquidity agility. By removing friction at the infrastructure level, you unlock new operational models, where claims funds can be held and disbursed with precision, and capital isn’t trapped in a bottleneck or reconciliation limbo.

Smart Routing, Smarter Decisions

Speed is only one part of the equation. Equally critical is routing intelligence, the ability to direct payments based on location, regulatory requirements, cost-efficiency, and time sensitivity. Think of it as air traffic control for payments, ensuring the right funds move through the right corridors at the right time.

This smart routing capability is something every insurer should be looking at. It enables real-time responses to business needs, whether that’s accelerating catastrophe or parametric payouts, improving oversight across global TPAs, or optimising how funds are deployed across continents. For insurers managing multi-party claims ecosystems, it’s not a “nice-to-have”, it’s a necessity.

Capital Efficiency Through Financial Visibility

Our research shows that insurers are attempting to modernise on top of outdated, disconnected infrastructure. Teams lacked shared visibility, and systems that don’t speak to each other create a knock-on effect, where decision-making becomes reactive rather than data-driven.

The consequence? Capital inefficiency. Funds are slow to move, hard to track, and difficult to reconcile. But this can change. With a unified infrastructure spanning claims and finance operations, insurers gain a real-time view of funds, delegated or otherwise, across internal departments and external partners.

The foundations for true capital efficiency lie in the ability to allocate funds dynamically, reduce idle cash, and respond quickly to surges in demand or liquidity pressure. And in an industry where margins are tight and trust is paramount, that level of control matters.

A Global Need with Local Nuances

The infrastructure challenge is global, but its symptoms vary by region. Our survey found that US insurers are more focused on governance and compliance, likely a reflection of their more decentralised operating models and regulatory scrutiny. In contrast, UK insurers placed greater emphasis on interdepartmental coordination.

The Road Ahead

The insurance industry is at a critical juncture. Front-end innovation has improved the policyholder experience, but without matching progress in back-office infrastructure, those gains will plateau.

Claims finance needs to emerge from the shadows, not as a cost centre, but as a strategic driver of efficiency, trust, and capital performance. To get there, insurers must invest in the pipes, not just the platforms. In infrastructure that connects, rather than fragments. In visibility that empowers, rather than obscures. And in partnerships that turn complexity into clarity.

AUTHOR BIO

Phil McGriskin is CEO and co-founder of Vitesse, the trusted financial infrastructure connecting the global insurance ecosystem. With more than 20 years of fintech and payments experience, he leads the company’s global strategy, focusing on fund transparency and control, efficient claims payments and business growth.

A fintech and payments veteran, McGriskin co‑founded Envoy Services in 2006 and led it through acquisition by Worldpay in 2011, later serving as Worldpay’s chief product officer and head of Worldpay Futures. In 2014, he launched Vitesse, alongside Paul Townsend, to address inefficiencies in insurance payouts and liquidity management.

Under his leadership, Vitesse has processed billions in claims—, including £4 billion in the past year—and secured major backing, most recently a $93 million Series C led by KKR to fuel U.S. expansion.