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ALM Media, LLC

Josh Gazes, Senior Vice President – Operations

British Gas

Jess Johnson, Head of Operational Excellence

Mosaic Insurance

Mitch Blaser, Co-CEO

Mosaic Insurance

Krishnan Ethirajan, COO

Oxford Nanopore Technologies

Jason Hendrey, Senior Director, Global Customer Services

WS Audiology (WSA)

Christof Steube, Director of Finance Excellence

Kiwi.com

Leonard McCullie, Director, Vendor Management

Kiwi.com

Petra Reiter, Vice President, Customer Services

Flight Centre

Aaron Fadelli, Business Leader

Healius Pathology

Alex Cook, Head of Finance Operations

Varo Bank

Breanna Rivers, Partner Performance Manager

Yorkshire Building Society Group (YBS)

Jessica Lockwood, Process Automation Manager

WS Audiology (WSA)

Sharang Patil, Director of Group Finance Excellence

Priya Madan Mohan, VP for Group Accounting & Controlling

United Airlines

Chris Kenny, VP and Controller

GFG Alliance

Phillip Irish, General Manager, Shared Services Delivery, Quality & Governance

Energy Australia

Steve Corden, Outsource Operations Leader

Delaware North

Christopher Lozipone, Senior Vice President and Global Business Services Head

Moneycorp

Nick Haslehurst, Chief Financial & Operating Officer

Prodigy Finance

Nico Barnard, Head of Operations

M&T Bank

Chris Tolomeo, Senior VP & Head of Banking Services

Minerals Technologies Inc. (MTI)

Khem Balkaran, CIO

Church's Chicken

Louis J. Profumo, CFO & EVP

The Industry Landscape: Why Efficient O2C & Fiduciary Processes Matter in Insurance

In the context of the order-to-cash process in insurance, efficiency is pivotal in driving cash flow stability, operational transparency and customer satisfaction. From billing and invoicing to payment processing and cash application, the order-to-cash or O2C cycle supports liquidity while minimizing financial and compliance risks.

For insurance brokerage firms, where fiduciary responsibilities demand precision, transparency and regulatory adherence, eliminating inefficiencies and embracing automation is essential. Strategic interventions in billing, payment processing and cash applications can drive significant improvements in financial reporting, risk mitigation and customer satisfaction while helping reduce DSO.

The Client Challenge: Navigating Fragmented Processes across the Order-to-Cash Lifecycle

The client was grappling with significant inefficiencies across its O2C and fiduciary processes:

Billing and invoicing delays due to incomplete or incorrect details from Client Executives (CEs), leading to on-hold invoices and processing inefficiencies

Manual-intensive cash receipt processes causing delays in payment applications and inaccuracies in financial reporting

Outdated payment processing systems resulting in prolonged transaction times, higher error rates and client dissatisfaction

High DSO rates, incremental provisions for bad debts and inconsistent premium collections

Cumbersome insurer statement processing requiring extensive manual efforts to split and distribute reports

Increased advance payment and bad debt exposure impacting financial stability and operational efficiency

These challenges not only affected the client’s cash flow and working capital but also led to increased risk exposure, compliance concerns and strained business relationships.

The Solution: WNS’ Four-pronged, Strategic Approach to O2C Transformation

As a strategic transformation partner, WNS collaborated with the client to implement a structured, end-to-end modernization program anchored in four pillars – Standardization, Process Optimization, Risk Management and Automation.

Billing Process Transformation

  • Enhanced end-to-end billing governance through process re-engineering, streamlining invoice dispute resolution
  • Implemented structured change management initiatives to elevate workforce proficiency in billing accuracy
  • Leveraged advanced automation solutions to strengthen invoice accuracy and accelerate invoice generation timelines

Cash Application Optimization

  • Established an integrated knowledge management platform, improving access to critical process documentation and resources
  • Advanced predictive analytics capabilities through a comprehensive historical database (Payee Lookup Tool), optimizing client account management
  • Enhanced decision-making processes by integrating Customer Relationship Management (CRM) data with Oracle reporting systems for robust monitoring and proactive risk management

Payment Processing Automation

  • Digitally transformed payment systems by replacing legacy manual processes with a custom-built automated solution
  • Strategically improved payment accuracy and speed, significantly reducing operational risks and eliminating client dissatisfaction related to Notices of Cancellation (NOC)

Insurer Statement Management Automation

  • Transitioned manual insurer statement processing to automated systems, achieving significant operational efficiency and improved resource allocation

Advance Payment Management Strategy

  • Established comprehensive risk mitigation frameworks through robust controls, multi-tiered approval processes and optimized collaboration protocols
  • Enhanced financial accountability and reduced exposure through advance payment management and reconciliation practices

Collections Transformation

  • Implemented strategic offshoring to enhance operational scalability and efficiency in collections management
  • Adopted automated technologies for data integrity and structured management of aged receivables, improving overall financial reconciliation effectiveness

The Outcome: Reduced DSO, Improved Compliance & Enhanced Customer Confidence

The end-to-end transformation enabled the client to unlock significant financial and operational value, including:

  • Enhanced financial accuracy and reporting: Improved invoicing accuracy, timely cash application and structured collections processes resulted in greater transparency and improved financial reporting
  • Increased operational efficiency: Automating insurer statement processing, cash application and payment systems significantly reduced manual workload, cutting processing time and improving accuracy
  • Stronger compliance and audit readiness: Automated processes ensured adherence to regulatory requirements and facilitated audit preparedness
  • Enhanced customer and insurer relations: Faster payments, accurate invoices and efficient collections improved client satisfaction and reinforced long-term relationships

Tangible outcomes included:

 percent reduction in DSO as it dropped from 70 days to 30 days, significantly improving cash flow and working capital through automation and optimized collections

 percent decrease in bad debt provisions and a  percent reduction in premium / revenue write-offs, driving stronger debt and revenue protection

 percent percent decrease in advance payments, mitigating payment risk and reducing bad debt exposure to enhance financial stability

~ percent improvement in manual payment matching accuracy, with accuracy rising from  percent to  percent, resulting in more precise and efficient cash application

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Related To:

Order-to-Cash Fiduciary accounting Finance and accounting Analytics