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Leveraging AI to achieve 85% Straight-Through Cash Posting & 33% Higher Productivity

Impact Achieved

85%

Straight-Through Cash Posting

33%

FTEs were reallocated to other critical tasks saving $250k annually

100%

Elimination of LockBox Keying-in Fee

Some of the key things we wanted to improve were reducing the manual keying that my team had to apply to the policy invoice level. We wanted a system that can do that for us and help us reduce the number of customer complaints, delays, errors and internal meetings.

Tisha Clausell

Vendor Performance Manager

Zurich

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About Zurich

Zurich, a leading Swiss insurer, leveraged AI-based A/R automation to realize 85% straight-through cash posting and $250K in savings

Region

NA

Revenue

$47.18 billion (2018)

Employees

53,535 (2018)

Top Challenges

  • 100% Manual processing of e-payments, which accounted for 40% of all payments.
  • Poor CX inflicted by erroneous Dunning notices, as a downstream impact of delayed Cash Application.
  • Time lost in inefficient collaborations among A/R teams.

Business Benefits

  • Seamless capture of payment information across all bank file formats & languages.
  • Timely Cash posting & updation of payment statuses for preventing erroneous dunning.
  • No more silos among A/R teams with a single source of truth & end-to-end O2C integration.

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Annual Savings In Actual Spends

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Decrease in Rolling Cash Unapplied

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Payments Applied Automatically to the ERP

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