Automating finance reconciliation processes for a large multinational insurer

The challenge

A large multinational insurer in Singapore faced significant challenges in their finance reconciliation process. The process was heavily reliant on manual effort, with only one person in the organization fully knowledgeable about it, leading to a high key man risk. This manual approach not only consumed a substantial amount of time but also increased the likelihood of errors and re-work, impacting the overall efficiency and reliability of the financial operations.

The tailored Unify solution

WTW demonstrated the transformational benefits of Unify by focusing on practical implementation of the solution:

• Automation of data validation and reconciliation controls: Unify automated these controls, significantly reducing manual effort.
• Enhanced governance and controls: Clear audit trails, run monitoring, job history, and version control were introduced to improve the control environment and reduce key man risk.
• Time savings: Standardized and repeatable processes were deployed, achieving substantial time savings.
• User experience: The platform was designed to be user-friendly, enabling staff to quickly understand and build business processes, including automated reconciliation and comprehensive documentation.

The impact for the insurer

The implementation of WTW Unify had a profound impact on the insurer's finance reconciliation process:

• Time savings: The time spent on reconciliation was reduced by 80%, from 135 minutes to 25 minutes.
• Manual effort reduction: Manual interactions were cut by 90%, from 65 to just 6, significantly decreasing the risk of errors and re-work.

It also shows a significant reduction in manual interactions, from 65 to 6, and minimizes re-runs due to manual setup issues. The purpose of the chart is to demonstrate the efficiency and time savings achieved through the automation of the valuation process using Unify.

80% reduction eliminated the turnaround time for preparing mapping tables and downloading COA and GL data.

1. Steps 2 and 3 are currently out of scope for this implementation but can potentially be automated by Unify.
2. Unify initiates the reconciliation process when it detects data on the server.

• Enhanced governance and controls: The introduction of clear audit trails, run monitoring, and version control improved the governance and control environment, ensuring a more reliable and transparent process.
• Reduced key man risk: By automating the process, the insurer minimized the reliance on a single individual, reducing key man risk and improving operational resilience.

The success of this implementation demonstrated substantial time savings, a significant reduction in manual effort, and a more robust governance and control environment.. This has paved the way for further automation and process improvement initiatives, enabling the insurer to focus on more strategic work and scale the solution across their finance operations team.

Contact WTW today to learn how Unify can revolutionize your operations and reduce key man risk.