Xceedance/Insurtech Insights/Case Studies/Global Insurance Services Provider Standardizes Payment Workflow Across Regions

Global Insurance Services Provider Standardizes Payment Workflow Across Regions

Xceedance eliminated redundancy, facilitated ERP implementation of accounts payable modules, and streamlined reporting in Concur by reengineering payment workflows, resulting in enhanced financial control.

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A global P&C insurer sought an experienced partner to alleviate several issues facing its accounting processes. Challenges included ineffective invoice and vendor management, non-standardized payment workflows across geographies, compliance lapses, reconciliation issues, tax reporting problems, and inefficient data management. The insurer required the establishment of a reliable and robust manual payment process in addition to a centralized database to manage payment requests related to operating expenses, T&E expenses for audit and accounting purposes, and claims. The insurer also required the implementation of its accounts payable module in its existing ERP to manage anticipated growth in the volume of their expenses and claims effectively. This needed a partner that could collaborate with several stakeholders and lead the initiative by testing and ensuring error-free integration with banking, claims, and accounts payable ERP platforms.

The Xceedance team developed a robust strategy comprising transition, documentation, review of current processes, and the deployment of a new, standardized global payment workflow. The team determined there was a need to track payment requests and maintain an approval trail for audit purposes. The team proposed common email boxes for country-specific accounts payable teams to track timely payment of invoices and simplify annual audit requests. These remedial measures were deployed in multiple phases. Among other things, the client witnessed 100 percent adherence to turnaround time requirements, compliance in vendor sanction checks, accurate coding of invoices with no dependency on accounting teams, and standardization of the payment processes across varied client locations.

Learn how Xceedance helped the client standardize payment workflow across regions

September 08, 2021