Background
A global bank, serving over 38 million clients across more than 40 countries, faced significant inefficiencies in their Credit & Political Risk Insurance operations due to outdated technology and manual processes.
Challenge
The department was managing their global operations, worth $3.2 billion, on spreadsheets. This method was extremely tedious and time-consuming. They employed three full-time juniors solely to ensure data entry was kept up to date without breaking the Excel sheets. Moreover, it was a huge struggle to conduct any reporting given the complexity of past operations.
Our Approach
In just 12 weeks, we conducted a product assessment, provided a technical solution, and went live to support and save up to 60% in operational costs in the first month of launch.
Solution
Using YourPartner, we built an end-to-end application that combines data, workflow, and reporting tools for transaction and portfolio management to enhance the productivity of credit insurance teams. This solution not only optimized operational efficiency but also improved risk management and overall monitoring for the entire bank.
Benefits
• Enhanced Productivity: By minimizing data re-keying and maximizing output.
• Simplified Reporting: Reduced reliance on complex Excel spreadsheets and pivot tables.
• Seamless Integration: Integrated with core internal systems through easy-to-implement APIs.
• Improved Risk Management: Enabled real-time monitoring and management of associated risks through a consolidated view of the insurance portfolio.
• Counterparty Risk Limit Management: Tracked exposure and validated policy amounts against insurer headroom.
• Error Reduction: Simplified reconciliation and established a unified data source.
• Customizable Reporting: Allowed users to create and generate new reports as required.
Moreover, with the reusable components provided by YourPartner, the bank was able to independently build their own internal solutions and integrations with other platforms.
By automating the Excel workflows, the global bank significantly optimized its operational efficiency, reduced errors, and improved overall productivity, ultimately cutting their operational costs by 60%.
See YourPartner in action, schedule a call to explore how we’re able to support your business in their digital transformation efforts.
