Insurance provider reduces close effort and cost while improving quality and consistency with automation

Allianz Logo

11 month

Return on Investment

80%

Reduction in Manual Effort

86%

Reduction in R2R processes

Company Overview

The Allianz Group, one of the world’s leading insurers and asset managers, makes sure its private and corporate customers benefit from a broad range of personal and corporate insurance services and manages about €785 billion for its insurance customers. Allianz’s PIMCO and Allianz Global Investors also manage €1.8 trillion euros worth of third-party assets.

Business Challenges

As one of the world’s largest financial services companies, employing thousands of finance professionals across its global operations, Allianz needed to reduce the effort and cost associated with their Record to Report (R2R) processes. Eliminating the repetitive tasks that consumed so much of their employees’ time would allow them to leveraging their skills, expertise and experience. By doing so Allianz hoped to improve employee satisfaction.

Additionally, Allianz was seeking to improve the quality, consistency, and transparency of their data while eliminating the trade processing delays that inevitably led to outdated investment stock data.

When considering a solution to these challenges the company needed to achieve fast time to value for their investment.

Solution

Allianz selected Redwood Business Process Automation – Finance Edition to deliver the rapid, seamless implementation required to reach their goals. Allianz implemented Redwood for 18 processes that would alleviate its dependency on a limited number of key resources and improve employee, customer and business partner value.

Results

With Redwood, Allianz achieved an 11-month return on its investment. Close-associated costs were significantly reduced by automating 90% of the associated manual tasks, while simultaneously improving quality, consistency, and transparency.

Because Redwood greatly expedites processing, Allianz now avoids backlog and latency issues, eliminating trade processing delays and the resulting outdated investment stock data.

Redwood also decreased the number of manual steps by 75% and cut the time and labor required to close by 65% across four departments and 62 processes.

Specifically, Redwood reduced the R2R processes by 86% (from 136 to 19) and automated 30 key accounting and R2R financial processes.

As a result, employee satisfaction improved because the automation handled the most onerous, repetitive tasks, freeing employees to apply themselves to higher value activities across the business.

Ready to see how Redwood can simplify your workload automation?

Build and automate workflows in half the time without the need for scripting. Gain operational peace of mind with real-time insights, customizable alerting, and more.