While on the surface they can be seen to speed up transactions or increase accuracy and reduce rework, there are deeper benefits to be gained.
One the world’s largest insurance organisations, reported being paid premiums on average three weeks quicker than before they had implemented WCL’s enabledAccounting solution, on top of significant reductions in their unallocated cash.
Taking the bind out of binder accounting, WCL sought to find a solution to a process that, although theoretically required little attention, in practice was resource intensive and leading to bigger worries.
Carrier concerns extended beyond the frustration caused by an inefficient process, to the point where significant backlogs had arisen in outstanding receivables and cash that raised serious questions for both compliance and audit functions.
Our solution was to develop an innovative extension to the e-Accounting process that leaves the core binder process unchanged, but enhances the processing—adding integrity and efficiency—and enables automated binder reconciliation and cash matching for carriers.
WCL makes it possible for its clients to integrate messaging data into their own PAS and accounting systems, which in turn enables them to automate key processes such as transaction reconciliation.
While a fully automated, end-to-end process becomes tantalisingly close, the allocation, reconciliation and matching of cash, is for many still a burdensome, often manual process.
In a partnership with Fennech, a B2B business Fintech company, WCL is able to provide a new ACORD message based cash management service.
Now you are assured a precise alignment between bank movements and reconciled transactions, enabling automated cash reconciliation and matching.