Allianz Germany Automates 90% of Finance Processes, Reducing Manual Effort By 70% with Redwood Finance Automation

Company Overview

As one of the world’s largest financial services companies in Germany, Allianz Germany was spending too much of its employees’ effort and budget on their Record to Report (R2R) manual processes. Allianz Germany is 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.

The Goal: Less Manual Effort, More Accurate Data

As one of the world’s largest financial services companies in Germany, Allianz Germany was spending too much of its employees’ effort and budget on their Record to Report (R2R) manual processes. Allianz Germany is 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.

Why Redwood Finance Automation?

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

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

They also automated 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.

Redwood’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.

The Results:

By deploying these automations, Allianz Germany was able to significantly increase their efficiency, processing speed and standardization. With Redwood Finance Automation, they automated up to 90% of their 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.

As part of their initiative, Allianz Germany was able to decrease the manual effort and demands on its resources by up to 70%. Overtime and stress were significantly reduced, saving money and improving the employees’ quality of life. Not only were their employees happier, implementing Redwood also empowered Allianz Germany to deliver greater value to their customers and business partners.