Business Drivers to Automate

RL360, a growing insurance company, faced significant challenges in managing its reconciliation processes as it expanded through strategic acquisitions. With increasing transaction volumes and reliance on manual methods like spreadsheets, the company struggled to maintain efficiency and accuracy. “We really needed a solution that could not only manage masses of data but also be able to report on outstanding items as well as the ability to add notes,” shared Raegan Knipe, Reconciliation Team Manager at RL360.

When the RL360 team began looking for a solution, their reconciliation processes were heavily reliant on manual work. “We had a team three times the size of our current one, handling half the volume of reconciliations,” noted Knipe. Manual processes led to higher operational costs and increased errors, making it clear that a scalable solution was necessary. After evaluating various options, RL360 chose Accurate by Trintech due to its reputation and suitability for similar-sized companies. “Leadership had heard good things about Accurate by Trintech and had seen it work for organizations of similar sizes,” mentioned Knipe. “It’s not very often that a solution will give a custom report that provides exactly what we need!”

In 2001, RL360 made the decision to implement Accurate by Trintech to address their reconciliation challenges and support its ongoing growth.

Accurate by Trintech in Action

The implementation of Accurate by Trintech has enabled RL360 to transition from disparate spreadsheets to a centralized system, streamlining workflows and enhancing oversight. “We’ve implemented the solution for several people on my team as well as a third-party team which does discretionary reconciliations, and we have plans to extend Accurate by Trintech to our investments team as well,” shared Knipe. “We now have a proper workflow, and everything runs very smoothly. We’ve gone from a team of 20 people to a team of 9 while managing double the amount of work.”

The platform’s ability to automate matching processes has significantly reduced manual efforts. RL360’s focus remains on further increasing auto-match rates to optimize efficiency. Custom reports, such as RAG (Red-Amber-Green) reports, have also enhanced the company’s reporting and compliance processes, saving time and cost.

We now have a proper workflow, and everything runs very smoothly. We’ve gone from a team of 20 people to a team of 9 while managing double the amount of work.

Reconciliation Team Manager

Results and Benefits

“Digitization of our files has given us the ability to review reports without having to physically sign off on pieces of paper, which saves us a lot of time and effort,” mentioned Knipe. “Everyone has been really happy with Accurate as a solution.”

Operational Efficiency: The reconciliation team’s size has reduced from 20 to 9, even as transaction volumes have doubled

Cost Savings: Automation and streamlined processes have resulted in significant salary and operational cost savings

Improved Reporting: Custom reports and automated workflows have enhanced decision-making and compliance

Scalability: Trintech’s adaptability has supported RL360’s growth and acquisitions, integrating new processes seamlessly

Collaboration with Trintech

Trintech has proven to be a valuable partner for RL360. “Trintech’s ongoing training webinars have been great! I can take knowledge back to our team, who can then suggest improvements to current processes,” said Knipe. “The Trintech Connect conference was also a tremendous learning opportunity.”

Future Goals

Looking ahead, RL360 plans to:

• Upgrade to Accurate’s latest web-based version by 2025, aligning with the company’s cloud-first strategy
• Conduct a comprehensive review of auto-match rates and reconciliation metrics to identify further optimization opportunities
• Leverage Accurate’s evolving features to enhance workflows and reduce exceptions further

“Our aim is to have automatic imports and increase our auto-match rate so that our team can just spend time focusing on the exceptions,” shared Knipe. “We’re also looking forward to the upcoming enhancements and updates.”

RL360’s investment in Accurate by Trintech has transformed its reconciliation processes, enabling the company to scale efficiently while maintaining accuracy and compliance. The ongoing partnership with Trintech’s team, coupled with tailored training and support, ensures RL360 remains well-equipped to handle future growth. As Knipe concluded, “The success we’ve achieved with Accurate is a testament to the solution’s value and the strong relationship we’ve built with the Trintech team.”

The success we’ve achieved with Accurate is a testament to the solution’s value and the strong relationship we’ve built with the Trintech team.

Reconciliation Team Manager