Insurance


A major international insurance company reduced its time to reconcile monthly transactions by over 65 percent while reducing its outstanding cash balances.


The Profile
An international insurance company, wanted to improve the processing capacity of its accounting unit. The volume of new claims had increased significantly, resulting in high outstanding cash balances.


The Goal
The client's existing system could not process new accounts because additional file interface programming was required. This resulted in additional internal resources. The client needed a solution that would complement its existing systems while not requiring any new interface programming resources.


The Solution
Accolade provided the client with a dataflow analysis of it existing operational processes and systems. Accolade's analysis concluded that new accounts that were being added to the client were being "dropped out" of its normal automated processes because the existing system did not recognized the new transaction formats. Thus, the number of transactions requiring manual processing increased significantly. Accolade's Perfect MatchTM reconciliation software product was recommended. Accolade's consulting group provided the necessary changes to the client's existing procedures to further improve its operational processes.


The Benefits
By using Accolade's Perfect MatchTM solution, the client reduced the number of manually processed transactions significantly, thus reducing its operating expenses while improving timely and accurate reporting. By putting new procedures in place, the client further improved its processing capacity by eliminating redundant manual processes.