Transatlantic Reinsurance

 


Paperless, auditable compliance

Transatlantic Reinsurance

At a glance

Organisation

Transatlantic Holdings, Inc. is a leading international reinsurance organization headquartered in New York with operations worldwide. Through its operating
entities, Transatlantic offers reinsurance capacity on both a treaty and facultative basis structuring programs for a full range of property and casualty products, with an emphasis
on specialty risks.

Challenge

The solution needed to integrate to Infor SunSystems to reduce errors and the team's workload.

 


Solution

iPOS eProcurement, Bank Reconciliation, eRemit & B4B for Infor SunSystems

 


Solution Snapshot

The 'CashDesk' suite, comprising Bank Reconciliation, eRemit & B4B from Professional Advantage was chosen as the solutions were developed specifically for Infor
SunSystems.


 

Objective

To implement a solution to replace current manual and labour intensive payment processing and reconciliation process.


Key Wins: 

  • Head count saving of ½ person per branch globally
  • Sarbanes-Oxley compliance
  • Inbuilt workflow and audit trails
  • Visibility worldwide on invoice payments
  • Duplication and manual errors removed
  • Authorisation bottlenecks no longer an issue
  • Elimination of print and postage costs
  • Reduction of risk of fraud and full control of
    payments
  • Seamless integration with Infor SunSystems




Transatlantic Reinsurance Company is one of the world's top ten reinsurance organisations. Listed on the New York stock exchange, it has a market capitalisation of US$4 billion and employs 600 staff operating in 22 cities worldwide.


The company operates under a highly centralised, lean operational model using automated systems to support activity wherever possible. Databases and systems such as  Transatlantic Reinsurance's main underwriting application and its Infor FMS SunSystems General Ledger, for example, are maintained in New York and accessed by branches using a Citrix virtualisation solution.


We don't do cheques anymore. It's a paperless sequence, electronic from end-to-end.

The problem of geography 

For David Radford, Transatlantic Reinsurance Senior Vice President, International Finance and Operations, the centralised approach ensures tight management oversight of the company's geographically widespread operations but it also demands careful planning to
avoid creating administrative bottlenecks. It's an issue that was well illustrated by the company's invoicing processes up until recently.



Radford explains, "The way we used to do it was an invoice would come into a branch accounts department where it would have a journal sheet attached to it with information such as account codes. This would be sent to the appropriate person for authorisation, then entered into the General Ledger. There'd be a cheque run and the cheque would be attached to the journal sheet and invoice before being sent around to the cheque signatories. Then the cheque had to be mailed out with a copy of the invoice and accounts would do a manual journal into Infor SunSystems."




It was a time-consuming manual process and with every branch having its own different spending limits, authorisation could mean chasing approval internationally before a supplier could be paid. "What we needed was to automate the authorisation process, the journal process into SunSystems and the payment process for all of our invoices. We wanted to streamline invoice payments and control our overhead," Radford notes.

 



Integration is critical

Radford researched a number of products, looking for a solution to the problem. In 2009, he came across iPOS, an electronic eProcurement solution developed by Professional Advantage exclusively for the Infor SunSystems environment.


Radford says, "iPOS links into the tables in SunSystems so it integrates as closely as possible." This was critical if Transatlantic Reinsurance was to achieve maximum automation of its invoice processes. In addition, iPOS' in-built workflow and authorisation processes supported many of the compliance requirements imposed on Transatlantic Reinsurance through legislation such as Sarbanes Oxley.


Before commissioning the software, Radford carried out due diligence to learn more about Professional Advantage. "With any software provider we are always concerned to ensure that they will still be there into the future," he says.


By June 2009, all checks had been completed and deployment kicked off. The first office to go live with iPOS was London and over the next two years implementations followed in Sydney, Paris, Hong Kong, Tokyo, Munich and Gibraltar.



The future


Radford believes that Professional Advantage - through iPOS - has provided a practical and reliable solution to Transatlantic Reinsurance's need for more efficient, automated invoice processing. He concludes, "PA has been very good throughout the project. Their staff
have always been cooperative and accessible. They've always tried to find solutions to fit in with our business and business model."