Manual reconciliation of vast amounts of data is an arduousprocess, involving countless staff hours that includesbacktracking, often ending without an audit trail to demonstratehow the balance sheet was derived.
Automated processes offer a solution to this risk-ladenadventure. However, not all automated reconciliation solutions arethe same. To effectively reduce the risk of non-compliance andprovide a cost savings, the reconciliation solution should be adata-agnostic tool, capable of pulling massive amounts of disparatedata around various claims, equity fund balances, payments,disbursements, etc.
The recent white paper, “The Buried Costs and Hidden Risksof Manual Reconciliation for Insurers,” illustrates howto calculate and compare the costs of a manual system versus anautomated system. Readers also will discover how one major bankreduced processing errors from $108 million to less than $20,000 insix years.
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