Leading Insurance Provider Leverages Frontier and Cadency to Revolutionize Reconciliation Processes and Gain Valuable Insights
Case Study
Share
Before implementing reconciliation automation, the team was bogged down with manual processes that increased the possibility of errors and unnecessary risk.
Business Drivers to Automate
“We had a standard Excel template that we used, then spreadsheets had to be printed out and signed, then placed in color-coded file folders. When I joined the team, one of the first things I learned was how to navigate the file room,” commented the Director of AFS Reconciliations. “We had a lot of reconciliations that were being completed out in the business unit as well, so the team knew we needed to streamline our processes and get everything into one place where we could see it online,” continued the Director of AFS Reconciliations. “The process was very manual and disparate. We knew we needed to get everything off paper and into one place that would be easy to access and to refer back to as needed.”
We’ve come a long way in terms of standardization, including creating a reconciliation policy that requires 100% of our balance sheet reconciliations be performed within Cadency. We’ve even implemented a Frontier Standard Layout, ensuring that all inbound files have certain data fields, making data imports easier than ever.”
Why Frontier and Cadency?
As this leading insurance provider explored ways to improve their
processes, they were impressed by the various capabilities of the
Frontier and Cadency solutions from Trintech. “The solutions did everything that we wanted them to do, and they’re not so technical that you need to be a coder – they’re user friendly and the pricing was reasonable. The various functionalities for many different types of matching, including one-to-one, one-to-many, and many-to-one, are vital for us.
The flexibility of user-defined fields and robust reporting really kicked out the other solutions for us,” mentioned the Associate Vice President of Accounting and Finance Solutions. After a thorough assessment of the various types of accounts being reconciled, they found that these two solutions were the perfect pair to fulfill all of their needs. “We use both tools heavily. We have some accounts that have hundreds of thousands of transactions, so having
Frontier manage the high volume cash and clearing systems accounts daily is very helpful,” mentioned the Director of AFS Reconciliation.
Moving forward, we’re looking forward to continuing the journey of making processes more efficient, focusing less on manual work that doesn’t contribute to any sort of analysis.”
Solution in Action
Since implementing both solutions there have been numerous benefits, including process improvements. “We’ve come a long way in terms of standardization, including creating a reconciliation policy that requires 100% of our balance sheet reconciliations be
performed within Cadency. We’ve even implemented a Frontier Standard Layout, ensuring that all inbound files have certain data fields, making data imports easier than ever,” commented the Associate Vice President of Accounting and Finance Solutions.
These standardization improvements have led to invaluable financial insights. The Associate Vice President of Accounting and Finance Solutions continued, “We’ve gotten to the point where matching rules are written on the business side, rather than the IT side, and Cadency allows our team to set up special fields that help us leverage a lot of the data that sits in the solution for our reporting purposes, including slicing and dicing the information as needed.”
Through a combination of automation and actionable data insights, there have been tremendous changes since implementing Trintech’s Frontier and Cadency solutions. “The insights we’ve gained have helped with our associate planning, as we’re able to see where workloads might be unbalanced across the team,” provided the Director of AFS Reconciliations.
The Associate Vice President of Accounting and Finance Solutions added, “Automation has enabled us to reduce our headcount across the team, through various ways we’ve been leveraging functionalities within our solutions. As we’ve grown and acquired new companies, we’ve been able to absorb work without adding headcount.” The Associate Vice President of Accounting and Finance Solutions continued, “From a control perspective, the real purpose of what we’re doing is to prevent any misstatements in our financial statements. Frontier and Cadency help us support that goal, using the reporting functionalities.”
Looking Ahead
Looking to the future, this leading insurance provider is excited about their continued relationship with Trintech. “Moving forward, we’re looking forward to continuing the journey of making processes more efficient, focusing less on manual work that
doesn’t contribute to any sort of analysis,” commented the Director of AFS Reconciliations.
Read the Full Case Study
Learn more about building a mutually beneficial partnership with Trintech to help you scale your business and meet your clients’ financial close needs.
Learn More about Frontier
We work closely with leading agency, advisory, BPO and technology experts that live and breathe financial close transformation, understand your industry.
