The treasury departments of insurance companies run like most other treasury operations; money comes in and money goes out, but it’s the volume of transactions and the complexity of the legal structures that separates the insurance industry from most others.
- Cash inflows and outflows then have to be reported at a high level format that is forwarded to the executives so as to aid in senior management decisions
- The ability to combine cash across multiple business units, currencies, and geographic locations allows them to borrow and lend within corporate structure and thus limit external overdraft or borrowing fees.
- Insurance companies have been turning to GTreasury, looking for solutions to accommodate an open structure for accounts, granularity in transactions, payment processing, data aggregation, roll ups for viewing cash, and executive level reporting.
"The worksheets are flexible and give us the ability to add, move, or remove accounts in real time."
- Cheryl Kavka, Manager of Corporate Banking, Prudential Financial