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AIA operates across a number of countries in Asia Pacific. They provide life, accident and health insurance, employee benefits, credit life and pension services, including mutual funds and annuities.
With a core focus on improving operational efficiencies, the AIA Malaysia business was looking for a solution that would fully automate daily reconciliations of bank statements against their internal ledger, and fast-track identified exceptions whilst prioritising aging items, as well as expired or unpresented cheques.
The main concern for AIA Malaysia was the monthly challenge to meet reporting deadlines due to the manual process in place to resolve reconciliation exceptions and disputes. The full reconciliation process was managed in Excel, with manual data entry from paper statements. Due to the resource heavy nature of this, the company was reconciling once a month, with specific focus on account balances.
In most cases it would take 3 to 4 weeks to identify exceptions, with a further 1 to 2 weeks to resolve. As a result the company would regularly employ temporary staff to try and address this. An additional effect of this reporting delay was the management of expired cheques for disbursements and credit card fees for collections. With transactional volumes increasing at an annualised rate of 4-5%, reconciliation had become an area in urgent need of attention.
“Flexibility of the system has helped to ease our reconciliation process today as well as innovate for future growth.”
With the Broadridge reconciliation solution AIA Malaysia was able to rapidly identify and resolve breaks, quickly and intuitively set up new accounts and reconciliation types, and version control through a fully audited process, which other solutions providers were unable to do.
They needed a market-leading, flexible solution that would facilitate current business requirements and support future growth. With Broadridge’s continuous investment in research and development as well as artificial intelligence and machine learning, AIA Malaysia are able to deliver against business challenges today and position themselves for the future.
With the implementation of Broadridge’s solution, AIA Malaysia was able to automate business critical processes and increase productivity.
There is now a transparent view of all reconciliation processes, better and tighter control over permissions and access, and a level of integrity to data and operations. Combined, these improvements have enabled the company to deliver on-time reporting to both internal and external stakeholders