A prominent global insurance provider operating across retail and wholesale markets struggled with inefficient credit control and accounts receivable operations. Managing hundreds of data sources with varying payment terms and formats created significant manual burdens. The firm needed a way to consolidate disparate data and automate the allocation of payments to outstanding policies to improve operational resilience.
AutoRek consolidated and standardized all internal and external data formats into a single platform. The solution uses intelligent matching to recommend allocations for unmatched cash movements and automatically emails statements to third parties. This end to end automation has transformed the credit control process.
- 75% Workload Reduction: Automation of data transformation and manual steps reduced the team’s workload by 75%.
- Real-Time Visibility: Access to real-time reporting on allocated versus unallocated cash enabled better decision-making.
- Cost Efficiency: Streamlined operations and connective workflows significantly reduced operational costs.
- Improved Control: Enhanced the resilience of the credit control process while reducing overall risk.