Optimizing Invoice Operations for a Leading Insurance Firm

Enhancing Accuracy, Compliance, and Efficiency

A case study to show our efforts towards an insurance entity to accomplish an accuracy of 99% with ensured faster processing.

Challenges Presented

A multinational insurance firm faces various challenges in managing its invoice operations. It includes managing about 100,000 invoices in a month, including compliance with applicable regulations, manual error struggles, and a tight turnaround period. Moreover, the firm wanted to streamline their account payables along with following rigid compliance.

Our Tailored Solution

We provided personalized measures and approaches that helped the client in:

▸ Monitoring through Dashboard: We created a customized dashboard to keep a track of multiple KPIs and monitor clients’ invoice status.
▸  Minimizing Errors: We created a specialized team to implement Quality Assurance system.
▸ Automated Compliance: We established automated verification systems to comply with the applicable Canadian tax laws and monitor taxation process.
▸ Turnaround Period: Organized the client’s operations for invoice management and compliance with client’s service-level agreement (SLA).
▸ Enhanced Productivity: To handle invoices and its fluctuations during peak hours, we developed a tailored workforce model.

Outcome

With BGO’s suggested solutions, the client achieved processing 100,000 invoices per month, ensuring compliance with a 24-hour SLA. Our solutions also led to saving operational costs by 30%, ultimately reducing manual inadequacies. Our tailored approaches resulted in minimizing the error rate to below 0.5%, promoted compliance with Canadian tax laws, and enhanced customer satisfaction by following robust process and quality control.

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