HDI Global Insurance
International insurer provides solutions to automate and accelerate invoice delivery and payment for their brokers.
5-DAY REDUCTION IN DSO
100% ELECTRONIC INVOICE PRESENTMENT
SINGLE ONLINE PORTAL
Available for broker invoice management
40% REDUCTION IN UNAPPLIED CASH
HDI Global provides innovative insurance solutions from a single source that aim to match the specific requirements of each client. They have been a leading international insurer for over 100 years and operate globally through foreign branches, subsidiaries, affiliates and network partners in over 150 countries.
When it came to AR, HDI Global depended on a homegrown manual process to invoice their customers that offered little visibility into tracking outstanding invoices. Their process for applying cash from payments was also highly manual and time-intensive. Their brokers had no online access to view or dispute their customers’ invoices and payments, and there were few reporting capabilities. Occasionally, payments received were missing remittance information or were received for policies that did not belong to HDI US. All of this impacted their cash flow.
The HDI Global team was introduced to Billtrust at a conference in 2017. After doing some market research and comparing them to other solution providers, they determined that Billtrust and its intuitive, client-focused solutions were right for them. They first implemented Billtrust Invoicing and Payments, which offered their brokers an online portal to manage all of their invoices in a single, easy-to-use location. They also partnered with Billtrust’s eSolutions Team to send targeted marketing campaigns to drive their customers’ digital adoption. Next, they implemented Billtrust Cash Application which automated matching payments and remittance information. Lastly, they recently implemented Billtrust Collections to automate customer outreach and decrease the time involved in collections and AR processing.
“We really love how client focused, efficient and cost conscious Billtrust is. They really fit all of the needs that our company has when it comes to cash flow.”Agnieszka Rudnik
TreasureR, Vice President, HDI Global Insurance Company
Now, 100% of HDI Global customers are receiving their invoices electronically, making it easy for brokers to manage and review all of their invoices in one intuitive location. This reduces manual processes to track invoices and payments, the need to reattach invoices for every correspondence with a broker, minimizes the time spent on compiling payment back-ups and creating journal entry upload files and reduces the time needed to create new journal entry upload files. When it comes to cash application, Billtrust has eliminated the time that was lost whenever a payment was received without an invoice, and it has reduced the instances of unapplied cash items by 40%. All of these improvements have helped to drive down HDI’s DSO by at least 5 days while offering robust reporting capabilities to better monitor billing-related activities. And with Billtrust Collections, they are hoping to drive this number down further.