Insurance Company Goes Green and Achieves Paperless Reconciliation Process
SkyStem LLC, a provider of automated month-end close account reconciliation software, is pleased to announce Guarantee Trust Life’s success story on going green with ART. Guarantee Trust Life, a mid-sized mutual insurer headquartered in Glenview, IL, wanted a greener way to coordinate and execute their reconciliation process. Since 1936, the company has provided a portfolio of competitive, value-driven health, accident, life and special risk insurance programs to individuals, families, and groups across the country.
After years of having to print out all their reconciliation and account support and turn it in for manager review, GTL decided it was time to end the manual process and automate their account reconciliation process. While there were several solutions available on the market, SkyStem’s flagship solution, ART, stood out as the top contender. Within 90 days of implementing ART, GTL’s finance team has achieved the infrastructure needed for a paperless environment. In addition, the new automated process resulted in:
- Daily automated refresh of reconciliation balances from Oracle PeopleSoft
- 15% to 20% reduction in reconciliation volume each month
- Companywide standardization of reconciliation format
- Electronic review notes and feedback process
- Real-time access into status, delinquencies and exceptions
- Elimination of all data gathering and administrative time for reporting
- Central repository of all documents
- Instant and real-time monitoring of status and exceptions
For more information on Guarantee Trust Life’s success and benefits from adopting art, read their case study here.
About SkyStem LLC
Headquartered in the heart of New York City, SkyStem delivers a powerful close and account reconciliation application for organizations seeking to streamline their financial processes. The company’s flagship solution, ART, is an enterprise technology that helps CFOs and Controllers shorten the month-end close and the time to issue financials by automating balance sheet reconciliations, managing month-end tasks, and providing insightful reporting. The web-based solution streamlines and eliminates up to 90% of manual activities while strengthening internal controls and corporate governance.
