In this article, we are going to present three key factors that can help the insurance company to modernize the reconciliation process within the organization and achieve a faster financial close.
It is hard to deny the fact that insurance industry is heavily rely on data – From claim, payment, underwriting, and fraud to reporting.
The heavy data flow become a huge burden as insurers nowadays spend, on average, two-thirds of their time on cleaning and enriching their data manually. This manual process suffered huge disruption during 2020 – 2021 since the COVID-19 crisis started. Many of them now start seeking out for more data-centric approaches.
According to the report from Deloitte, the amount of insurance premium in both life and non-life insurance is skyrocketing. As we estimate an exponential growth in the insurance market in 2022, financial reconciliation should evolve with the business ambition and requirements.
We have gathered three principal keys to accelerating your financial reconciliation – Obsoleting a legacy system, advancing reconciliation automation, ensuring flexibility and scalability.
We expected this approach can help you save up to 80% of your time from the error-prone and repetitive tasks and serve 50% more customers in next three months.
Financial reconciliation is the foundation of healthy financials. Unfortunately, most legacy systems cannot fulfil the present and future business need for an efficient reconciliation process, which further slackens entire financial control management.
For example, effective intersystem reconciliation can increase data accuracy, completeness, and overall integrity. However, all insurers should be aware that it is challenging to realize smooth intersystem reconciliation with the outdated legacy system.
To achieve a data-oriented organization, it is curial to transit from the underperformance legacy system to advance technology like robotic process automation – Even though it is a complex business challenge. The organization that fails to overcome the obsoleting legacy system will be unable to make the correct decision with precise data.
« The more claim you can process, the more customers you can service. »
The golden rule seems easy to achieve; however, the insurance company often fails to process a high amount of data and maintain the quality of the outcome timely, which effectively slow down the entire insurance life cycle.
The volume, speed, and quality of data management are hard to accomplish simultaneously, especially within the reconciliation process.
With the joint force of automation solutions like XREC Reconciliation of CALIXYS, the organization can speed up the entire financial reconciliation process and ensure the reliability of the result.
By cutting considerable processing time at the back office, the insurance organization can handle a high volume of claims with correct and up to date data faster and further enhance the service quality for its customers.
The insurance industry is facing enormous pressure more than ever – Today’s ever-changing policies, technologies, and customers’ expectations. As a result, the flexibility and scalability within the reconciliation management become one of the top priorities across insurers’ back office.
During the pandemic in 2020 and 2021, several insurance companies started advancing their financial reconciliation process with robotic process automation, aiming to streamline the reconciliation operations and reduce the cost and time of human resources for other high-value tasks.
Stop struggling with your long claiming process time filled with repetitive and mundane tasks. It is the moment to get ahead of the curve and modernize your financial reconciliation process with a tailor-made reconciliation solution.
The work of a reconciliation specialist gets even more complicated when the entire process includes several parties.
To ensure operational resilience and strengthen financial governance, CALIXYS thrives to offer a flexible solution for automating controls, allowing cost efficiencies and a demonstrable increase in productivity.
It is essential for the insurance firm to have a consolidated view of all the financial data, for example – The premium payments and the claim pay-outs.
CALIXYS provides an all-in-one platform where you can centralize all your financial data. With powerful ETL and flexible API integration, the organization can quickly ingest all data into one platform without complex configuration. It helps the reconciliation specialist perform the financial reconciliation with complete data on time, and the organization can have better insight into entire financials in real-time.
Financial institutions like banks and insurance companies can entirely rely on XREC Reconciliation and streamline the reconciliation process.
Our industry-leading reconciliation automation is fast and secure, which can efficiently process up to 1 million of financial data in a few minutes. You and your team can now focus the time on investigating the break and resolving the real issue. With a clear-defined automation workflow, you take complete control of your reconciliation operation with comprehensive audit trails.
Let CALIXYS sharpen your data insight, so that you can sharpen the future of your business.