Doverie Pension Assurance: Payhawk helped us automate a number of processes

What are the biggest operational challenges for pension insurance companies like Doverie when it comes to finance management and spend control?

Miroslav Marinov: Finance management in a regulated non-banking financial institution is both critical and demanding. On one hand we need to meet strict regulatory standards and comply with legislation, while on the other, we’re part of the Vienna Insurance Group, listed on three stock exchanges.

We aim to stay flexible and operate efficiently. And the main challenge is combining strategic planning with daily accountability in a dynamic market environment. That means spend and resource control isn’t just a financial function, it’s at the heart of management.

How do digitisation and process optimisation support your finance management and contribute to business growth at Doverie?

Digitisation is our natural path to sustainable growth. Implementing platforms like Payhawk helped us automate many operational processes related to spend and reporting. This approach not only saved our team's time but also increased speed, transparency, and traceability for every financial transaction.

In a world where speed often comes at the cost of accuracy, we choose not to compromise and to achieve both through technology.

Tell us how you started working with Payhawk and how your team operated before that

To be honest, we started looking for a solution under pressure. We were in the early phases of evaluating and implementing the joint SAP/Simcorp solution, and it turned out that recreating our usual workflows for cash operations at our offices in SAP would have cost €48,000 a year.

That’s when I remembered a chat with Hristo Borisov (co-founder and CEO of Payhawk) from a year or two earlier. His solution stuck in my head: Secure, controlled payments; easy receipt/invoice processing with OCR; custom SAP data exports.

Before Payhawk, the process was mostly manual, including paper documents, email approvals, spreadsheets, couriers, and painful communication with 60 offices across the country. It took time, required constant oversight, and created risks of delays and errors. We were looking for a secure and flexible solution at a reasonable price, and Payhawk delivered exactly that.

Even though we started looking under pressure, we did discover a great solution.

Payhawk implementation was fast, smooth, and didn’t need any external consultants. The ability to manage cards, limits, and policies in real time completely transformed how we think about and handle spend.

How important is spend control and visibility for your finance department?

Spend control isn’t just a savings tool – it’s a tool for building trust.

Trust between teams, between employees and management, and between the company and regulators. With Payhawk’s built-in features – limits, approvals, categories – we can manage spend by project, department, or even individual employee. This helps us make fast, informed decisions and saves dozens of hours per month that used to be lost in processing documents.

How does process automation help with data as a regulated institution?

As I mentioned, compatibility between Payhawk and SAP was a key factor for us. Automatic data exports and imports allow us to prepare reports for regulators, management, and other stakeholders with minimal risk of human error and a high degree of traceability.

This new way of working not only makes internal control easier but also builds confidence in the system. At our scale and given the sensitivity of our business, automation, and speed are not luxuries — they’re necessities.

What advice would you give to other executives at companies about digitising the finance function?

My advice is not just about finance digitisation, but in general: Digital transformation is critically important – but not at any cost.

Chasing the idea of “being modern and digital” isn’t always rational. My advice: Start small, but make it meaningful. Take thoughtful, measured steps and track the benefits. Digital transformation isn’t a one-time project; it’s a process.

Start with what matters most to your business. What slows down your people or your customers or creates operational risk? Find partners who don’t just sell a product but understand your needs. And most importantly, involve your people in the change. Finance isn’t just numbers – it’s the heart of trust in any organisation.