Manual reconciliation of vast amounts of data is an arduous process, involving countless staff hours that includes backtracking, often ending without an audit trail to demonstrate how the balance sheet was derived.
Automated processes offer a solution to this risk-laden adventure. However, not all automated reconciliation solutions are the same. To effectively reduce the risk of non-compliance and provide a cost savings, the reconciliation solution should be a data-agnostic tool, capable of pulling massive amounts of disparate data around various claims, equity fund balances, payments, disbursements, etc.
The recent white paper, “The Buried Costs and Hidden Risks of Manual Reconciliation for Insurers,” illustrates how to calculate and compare the costs of a manual system versus an automated system. Readers also will discover how one major bank reduced processing errors from $108 million to less than $20,000 in six years.
Click here to request your copy.
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