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How Zurich Leveraged AI to achieve 85% Straight Through Cash-Posting with 33% Higher Productivity.

  • 85% Straight through cash posting
  • Achieved Same Day Cash Posting
  • 33% FTEs were reallocated to other critical tasks saving $250k annually
  • 100% elimination of bank keying fees
  • Improved CX of entire Cash App process
Cash Application
Business Transformation Stories

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
Challenges
How did HighRadius help
Impact

Challenges

  • 100% Manual Processing of E-Payments such as ACH/Wire

  • 40% of Zurich’s payment landscape was e-payments such as ACH/Wire. For e-payments, the analysts had to spend a huge amount of time extracting the remittances from emails, EDIs, and web portals and link them manually to the payments.

  • Poor CX as a Downstream Impact of Slow Cash Application

  • Delayed cash application process led to erroneous status reports for accounts. Even if the customer had paid for an invoice, they might wrongfully receive DNOC resulting in dissatisfied customers.

  • Numerous Internal Calls with Several Commercial Teams

  • In order to resolve the errors in the system, the A/R team was frequently having multiple internal calls or meetings with brokers, underwriters, account executives, and Finance Operations managers.

  • Impact on Resources & Bottom Line due to Lockbox Implementation

  • Zurich adopted lockbox services to resolve some of their pain points but paying the bank keying fees and other transmission costs were eating up their bottom line and resources.

ABOUT THE COMPANY

Zurich Insurance Group Ltd. is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland’s largest insurer. Zurich as a company shares risk expertise and insights with customers, communities, and stakeholders.

INDUSTRY

Insurance

REGION

North America

PRODUCT:

Cash Application

How did HighRadius Help

Impact

Straight-Through Cash Posting
FTEs Reallocated to Critical Tasks
Elimination of Lockbox Fee
Tisha Clausell

Why were the payments not applied when we saw that we received the money a month ago,
what happened? I wanted to eliminate that, and we implemented the cash application solution
from HighRadius.

Tisha Clausell
Vendor Performance Manager
Zurich

Autopilot for Order to Cash

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