Client Impacts

Optimized Remittance Processes to Cut Cash Movement Throughput by 20% for Global Reinsurer

Capabilities
Banking & Financial Services Insurance

Challenge

A global reinsurance brokerage faced regulatory noncompliance due to delays in remitting premiums to insurers and reinsurers.

The company needed help to streamline and standardize its operating model to minimize delays and improve visibility to bottlenecks and operational inefficiencies.

Approach

  • Conducted rapid, end-to-end deep dive mapping of cash movement process
  • Identified process and control deficiencies contributing to delays in remittances
  • Consolidated, prioritized, and quantified pain points and ideated with key stakeholders to remediate issues
  • Documented proposed future-state process maps to standardize across regions and incorporate prioritized recommendations
  • Created remediation plan and roadmap to roll out improvement opportunities

Results

I.

Reduced cash movement throughput by ~20% to achieve remittance regulatory requirement

II.

Identified 60+ pain points and prioritized 30 improvement opportunities

III.

Created framework to eliminate noncompliant delays in remittance and improve process timeline adherence

IV.

Recommended operating model restructuring to streamline operations and better align processes to other global offices

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