Payment Software
Insurance Case Study
Find out how a 30 minute meeting with Dataline helped a multi-national company save millions of dollars annually.
A multinational insurance company that had grown significantly over the years through acquisition and joint ventures found itself with nine different host systems and inconsistent versions across all platforms. The company had multi- bank accounts with different financial institutions as well as multi-currencies. It took over 10 staff members to reconcile the bank accounts and yet they could not determine their cash position accurately on a daily basis. There were issues with silos of data, timing, access, and consolidation. These all drove incomplete outputs to the senior management. Timely and complete reconciliation was not possible. In order to manage this situation, buffer cash balances were required.
Not only was this not a cost effective situation, it also created a barrier for further growth and acquisitions.
The team from Dataline easily identified that the LINKS reconciliation solution would resolve their issues. Dataline's expert team helped the client streamline their process and procedures, which resulted in process and cash management savings.
Dataline helped achieved the following savings for this multi-national:
| Item | Initial | Recurring |
|---|
| Daily Cash position by 9.30am |
$140,000 |
$140,000 |
| Centralised reporting |
$50,000 |
$50,000 |
| Reduce reconciliation staff |
$250,000 |
$250,000 |
| Flexibility to integrate disparate system (reduction in professional fees) |
$500,000 |
$100,000 |
| Flexibility to support regulatory requirements (reduction in professional fees) |
$100,000 |
$100,000 |
| Total savings achieved |
$1,040,000 |
$640,000 |
For the company, it was a payback of less than 1 year and a return on Investment of 158% in the first 2 years.
Call now on (02) 9882 6301 for your initial meeting with Dataline and let them show you how they can reduce your costs!