Failing to adopt modern payment methods is costing the insurance industry as much as £22m according to the UK's automated clearing house, BACS.
The figure represents the costs associated with using cheques, rather than paying money directly into companies' and individual's accounts using direct credit.
More than 17 million cheques a year are issued by the industry – about 40% of all its payments.
"The insurance sector has made great strides in automation over the past few years," said Peter Blake, BACS direct credit marketing manager.
"But with 17 million cheques in circulation, the industry still has a long way to go," he said.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
