IOOF has been helping Australians secure their financial independence for over 170 years. The company has over 1,000,000 member accounts and A$202 billion* in funds under management and administration.
IOOF believes that success only comes from caring about people, providing outstanding service and consistent performance. This focus on excellence and consistency is echoed throughout the company, which is why IOOF chose SolveXia to optimise and automate the preparation of their APRA returns.
NEOS Life leveraged SolveXia to transform and automate their calculation of reinsurance and commissions. The manual process of calculating reinsurance, fees and commissions was taking 1 full day each week to complete, burdening key staff who want to be focusing on more analytical tasks.
NEOS was also concerned with how they would scale this process to meet the expected (and significant) growth in the number of policies being sold each week.
Using SolveXia, we are now able to process our weekly reinsurance and commission calculations within hours, rather than days. In addition, we have mitigated a key-person risk by automating and documenting the entire process.