Power Planning Models Cut Process Times Drastically for An Insurance Provider
This company is a global provider of commercial insurance products and services, offering a wide range of coverage options to businesses of various sizes and industries. They are known for their innovative approach to risk management and have a strong reputation for providing customized solutions tailored to meet the unique needs of their clients. They have a highly experienced team of underwriters and risk management professionals who work closely with clients to identify potential risks and develop effective strategies to mitigate them. The company is committed to delivering excellent customer service and building long-term relationships with their clients.
As the company expanded, the lack of functionality provided by vanilla Excel proved to be insufficient to carry out key business functions.
For this client, the basic and straightforward design of Excel has presented challenges in conducting intercompany reporting, especially when it comes to managing accounts receivable and accounts payable balances.
The vanilla atmosphere of Excel is not sufficient in handling the specific needs of intercompany reporting, such as the need to consolidate data from multiple sources or to reconcile differences in accounting practices across different entities.
dF Solution Statement/Results
The client was able to benefit from deFacto Global’s custom finance model for their intercompany processes. These tools included a reporting feature that allowed for efficient tracking and reporting on intercompany balances. Additionally, new input templates facilitated and streamlined the process of entering intercompany data. Perhaps most importantly, the overhaul of the workflow process that was also included in the model made it possible for the client to easily track and edit submissions made by other users, directly in the application. This lone change helped cut process times by 88%, as edits could now be seen in real time and no longer required repetitive and time-consuming communication for every edit.