Middle Market Case Study:
Financial Reporting

AUTOMATED REPORTS FOR AN INSURANCE COMPANY

CHALLENGE:
A Cumbersome Manual Reporting Process

An insurance underwriter utilized an extremely cumbersome manual process to produce a high volume of transaction summary reports for its insurance company clients regarding:
• Premiums written
• Cash receipts
• Outstanding receivables

The data produced was not assembled as “actionable information,” and did not enable effective analysis to fully understand variances.

SOLUTION:
Custom Application for Automatic Reporting

CMF created and implemented a reporting application using two key transactional data files from the company’s online policy management system:
• Policy transactions listing
• Payment transactions listing

The application produces a spreadsheet containing 15 reports on key performance indicators, including:
• Premiums written
• Cash receipts
• Open receivables
• Exception reports to track improperly posted payments
• Reconciliation reports

OUTCOME:
200% Increase In Efficiency

• The application reduced report generation time from 2-3 days to 15 minutes.
• It provided standardized exception reports that enabled quick identification of the most common posting errors in the online policy management system.
• In addition, management could now obtain and effectively use key business information, and improve customer service and operations.