Improved Operational Efficiencies Through End to End Financial Reconciliation
A Top 20 multi-line insurance company transforms enterprise financial reconciliation through automation for improved operational efficiencies. They offer auto, home, commercial and life insurance to more than 4 million customers across multiple states. They have implemented Precisely Data360 to provide automated balancing and financial reconciliations to gain enhanced visibility into the integrity of their data throughout critical business processes.
A strategic initiative to migrate from mainframe to distributed systems presented the opportunity to institute an enterprise data governance framework that expanded previously proven mainframe financial reconciliation controls to the disparate world of distributed systems. To minimize risk and control costs, there was a need for an automated system to monitor the balancing of transfers within an application and/or between systems (“interface balancing”) and subsequent financial account balancing. Such capabilities are integral parts of the company’s compliance with Sarbanes-Oxley (SOX) and Model Audit Rule (MAR) guidelines regarding internal controls and financial reporting. The interface and financial account balancing are important functions to ensure that financial information is complete, accurate, consistent, and reliable. The interface balancing needs to be done at regular intervals to ensure the operational and financial data moves within the application and from one system to another as expected.
The organization realized they had an opportunity to take an enterprise approach in automating end-to-end data quality to expand coverage and eliminate manual processes. In their current state, they had a solution for the mainframe and had established manual controls to address the distributed systems, but they were looking to vastly improve efficiency, gain enterprise visibility into their data quality metrics and expedite the remediation of identified issues across all of their distributed systems
Read more about this multi-line insurance company improved audit and operational efficiencies to support regulatory compliance (i.e. SOX, NAIC MAR) by instituting a standardized and automated end-to-end data quality process to reduce errors and improve data quality.