Its modern web-based reconciliation framework helps unlock new operating efficiencies, reduces risks and boosts compliance.
A rapidly growing insurance services provider in Indonesia, Askrindo, has implemented digital transformation (DX) to transform its complex reconciliation operations.
The firm’s time-consuming, manual spreadsheet-based reconciliation processes were creating challenges around efficiency, accuracy, and control.
By implementing a ‘smart recon’ solution designed to process complex and large volume of payments, claims and settlement data, the firm has automated core workflows encompassing data extraction, enrichment and reconciliation, exception management and settlement.
The advanced workflow automation significantly reduces time-to-close daily and period-end reconciliation activities, provides greater control over reconciliation processes, and improves regulatory compliance. This frees resources to focus on value adding tasks such as strengthening customer service.
Unlocking operating efficiencies with DX
According to the firm’s Senior Vice President (Division Head of IT), Rachmad Hidayat: “It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion.”
The firm settled on solutions by FSS PayTech to provide its experience, innovation, and depth in deploying reconciliation solutions for a wide customer base, strong local presence, and support in the Indonesian market. This helped to build “an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure.”
With the transformation in place, the entire reconciliation process from premium, claims, inter-system, and intercompany reconciliation as well as Bordeaux reconciliation is now more automated. The solution is data-agnostic and greatly increases reconciliation set-up speeds while reducing exceptions and manual interventions, freeing staff for value-added tasks. Millions of transactions between multiple systems can now be matched within few minutes, seamlessly accommodating growth in transaction volumes.
FSS PayTech’s COO, Krishnan Srinivasan, commented: “We are excited to work with Askrindo to deliver a modern web-based reconciliation framework that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance.”