Allianz Germany automates 90% of finance processes, reduces manual effort by 70%

Company overview

Allianz Germany is one of the largest financial services companies in Germany. It’s part of The Allianz Group, which provides health, life, property and casualty insurance. The organization has more than 13,000 employees and a revenue of €38.7 billion.

Business challenges

Allianz was spending too much of its employees’ effort and budget on its record-to-report (R2R) manual processes.

Solution

After evaluating their options, the Allianz Germany team selected Finance Automation by Redwood to handle its R2R processes. Redwood not only had the financial expertise they were looking for, but it also could be implemented rapidly and seamlessly and offered Professional Services as an additional support option.

Once deployed, Allianz Germany used Finance Automation to automate 60 processes. It now operates up to 100,000 automated process steps each month. They’re automating and driving efficiencies through their finance processes, including accrual calculation and posting of tasks like variable pay, vacation, health insurance and more.

They also automate investment management, including the processing of incoming trade confirmation and reconciliation to payments. Other automations included indirect taxes, VAT calculator and postings, as well as repostings and posting restructuring of segments and totals to new group accounts.

Finance Automation’s ability to reconcile between various systems and upload into consolidation was a valuable feature, as it enabled them to quickly and seamlessly implement additional automations.

Results

By deploying these automations, Allianz Germany was able to significantly increase efficiency, processing speed and standardization. With Finance Automation, the company automated up to 90% of its processes. Now, these processes are consistently executed across business units, all with clearly triggered manual intervention.

The faster processing sped up the closing process and decreased back-log and latency. The data that is being delivered is higher quality and has fewer errors caused previously by manual steps. Manual effort and demands on resources decreased by up to 70%. Overtime and stress were significantly reduced, saving money and improving the employees’ quality of life. Not only were Allianz Germany’s employees happier, but implementing this solution empowered them to deliver greater value to their customers and business partners.