Industry
Insurance
Revenue
$4.8 Billion
Headquarters
Illinois, United States
Serrala helped us rethink the way we were processing our payables. As a result, we’re looking at ways to further adjust our processes to eliminate redundancies and we’re reassessing what work is done and by whom. Is it a human, a full-time employee, a robot, or a piece of technology software? I do envision the way we do things will change based on this experience.
Zurich is a leading commercial property and casualty insurance company with over a century of operations in North America, serving a diverse clientele that includes 95% of the Fortune 500.
Managing millions of invoices and claims generated by brokers and customers each year is a daunting prospect. Especially when you’re gathering manual journal entries from a hundred legal entities every period and managing them via spreadsheets. And then submitting them for approval before each month-end close to a tiny team of authorized approvers and only giving them a few days to manage the process.
Zurich NA were planning their move to SAP S/4HANA and wanted to take this opportunity to meet some familiar AP transformation goals: fully automating their journal entry process while eliminating manual work, lowering costs and reducing processing time, and ensuring timely, error-free payments. All in a way that would provide complete visibility across multiple integrated systems.
Key Facts:
When they began their journey in 2019, Zurich NA chose Serrala to design, configure, test, and implement FS2 Accounts Payable to handle their full range of transaction automation needs. They also implemented FS² Journal Entry concurrently to extend the same level of automation to their recording and reporting processes.
They partnered with us thanks to our ability to create an end-to-end process via direct integration with their SAP system, providing a seamless transition in terms of process and their S/4HANA migration. Alongside configurable business rules that enable auto-posting based on invoice types and amounts, flexible approvals across SAP, Fiori apps, email, and mobile, and seamless integration across systems for intelligent automation of payment requests.
Zurich NA’s new AP and journal entry processes have significantly reduced time and effort required to both process claims and complete financial closes by completely automating simple rules-based processing tasks and routing all others to specific teams for exception handling. Incoming data is now automatically enhanced and validated before processing – meaning more accurate reporting and reconciliations and a reduction of claims out-of-balance errors to near-zero.
All 7 of the business’s unique claims payment processes are now fully transparent, centralized, and managed via a modern user interface that makes agent-training simpler (even remotely) and which accelerates approvals further.
Zurich is a leading commercial property and casualty insurance company with over a century of operations in North America, serving a diverse clientele that includes 95% of the Fortune 500.
Managing millions of invoices and claims generated by brokers and customers each year is a daunting prospect. Especially when you’re gathering manual journal entries from a hundred legal entities every period and managing them via spreadsheets. And then submitting them for approval before each month-end close to a tiny team of authorized approvers and only giving them a few days to manage the process.
Zurich NA were planning their move to SAP S/4HANA and wanted to take this opportunity to meet some familiar AP transformation goals: fully automating their journal entry process while eliminating manual work, lowering costs and reducing processing time, and ensuring timely, error-free payments. All in a way that would provide complete visibility across multiple integrated systems.
Key Facts:
When they began their journey in 2019, Zurich NA chose Serrala to design, configure, test, and implement FS2 Accounts Payable to handle their full range of transaction automation needs. They also implemented FS² Journal Entry concurrently to extend the same level of automation to their recording and reporting processes.
They partnered with us thanks to our ability to create an end-to-end process via direct integration with their SAP system, providing a seamless transition in terms of process and their S/4HANA migration. Alongside configurable business rules that enable auto-posting based on invoice types and amounts, flexible approvals across SAP, Fiori apps, email, and mobile, and seamless integration across systems for intelligent automation of payment requests.
Zurich NA’s new AP and journal entry processes have significantly reduced time and effort required to both process claims and complete financial closes by completely automating simple rules-based processing tasks and routing all others to specific teams for exception handling. Incoming data is now automatically enhanced and validated before processing – meaning more accurate reporting and reconciliations and a reduction of claims out-of-balance errors to near-zero.
All 7 of the business’s unique claims payment processes are now fully transparent, centralized, and managed via a modern user interface that makes agent-training simpler (even remotely) and which accelerates approvals further.
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