NEOS Life leveraged SolveXia to transform and automate their calculation of reinsurance and commissions. One of the key finance processes for NEOS is the calculation of reinsurance, fees and commissions. The manual process 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.
Read the full case study »IOOF has been helping Australians secure their financial independence for over 170 years, with 500,000 customers and A$137.8 billion in funds under management and administration. IOOF relied on a spreadsheet-driven process to perform their Custody Reconciliation each month. This took around two days each month to complete, which was a burden for staff. Another challenge was the slight variation in how each one of the 80 portfolios was reconciled. IOOF wanted to simplify and consolidate this task to minimise the risk of human error.
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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.
Large life insurer company that used SolveXia to solve its daily reconciliation.
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