Customer Story

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.

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.