Xceedance implemented a transformational credit control solution set, allowing a rapidly growing insurer to increase operational efficiency and scalability.
A global insurer with operations in North America and swiftly expanding business across other geographies wanted to develop a robust invoicing system and revamp its credit control processes. In this regard, the insurer faced several challenges including, lack of process standardization for different geographies, lack of automation or integration, disjointed collection channels and broker payment systems, manual procedures for invoicing, matching, reconciliation, and collection of premiums, fragmented access to customer data, and long turnaround times for reconciliations and receivables matching. Additionally, the global carrier was geared for global growth and expansion of business lines. Thus, the insurer sought a solution set that would increase the visibility of collections, increase operational efficiency, accelerate cash flow, reduce risk, facilitate superior customer service, and increase automation.
The Xceedance team assembled to implement the solution comprised experts from IT, finance, and other specialists with deep experience and extensive understanding of credit control processes. The team adopted a phased implementation process to manage project deliverables effectively and promptly. Among other things, the team determined process standardization needs and developed systems to auto-generate invoices. Additionally, Xceedance actualized a global collection escalation matrix to enable comprehensive collections processing and constructed a global dashboard showing comparative data, aged debts, and other critical metrics to drive accountability. Our solution resulted in faster invoicing, expedient revenue collection, greater control over receivables, and operational flexibility across different geographies.