FSS forays into Insurance market with first partnership

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FSS Technologies, Asia’s leading provider of integrated payment products and a payments processor, today announced Askrindo, a market leader in Indonesia’s general insurance industry, has implemented its Smart Recon solution to modernize and maximize the efficiency of its reconciliation operations. Established in 1971, Askrindo, member of Holding Indonesia Financial Group or IFG, is a rapidly growing insurance services provider, catering to the insurance needs of medium and the small enterprise segment to support Indonesia’s economic development.

To support its rapidly growing operations, Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which create challenges around efficiency, accuracy, and control. Designed to process complex and large volume of payments, claims and settlement data, FSS Smart Recon automates core workflows encompassing data extraction, enrichment and reconciliation, exception management and settlement. The advanced workflow automation significantly reduces time to close daily and period-end reconciliation activities, provides greater control over reconciliation processes, and improves regulatory compliance. This frees resources to focus on value adding tasks such as strengthening customer service.

Rachmad Hidayat – Senior Vice President Division Head of IT at Askrindo, commented; “It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion. We were impressed by FSS’s extensive experience, innovation, and depth in deploying reconciliation solutions for a wide customer base, strong local presence, and support in the Indonesian market. With FSS Smart Recon we are building an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure.”

Speaking on the partnership Krishnan Srinivasan COO, FSS PayTech stated; “Askrindo is the latest addition in our growing base of reconciliation customers in the APAC region. Askrindo needed an experienced partner to address reconciliation challenges and we are excited to work with Askrindo to deliver a modern, web-based reconciliation framework, that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance.

FSS has partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. For Askrindo, it rationalizes costs and eliminates rational overheads associated with running the day-to-day services.

FSS provides a full set of reconciliation capabilities to help Askrindo meet its business objectives for improved efficiency, transparency, and control over the financial close process. FSS Smart Recon automates the entire reconciliation process from premium, claims, inter-system, and intercompany reconciliation as well as Bordeaux reconciliation. It integrates both transaction- and balance-level data from claims acquisition and matching through period-end premium approvals and reviews. The solution is data-agnostic and greatly increases reconciliation set-up speeds while reducing exceptions and manual interventions, freeing staff for value-added tasks.

FSS Smart Recon can match millions of transactions between multiple systems within few minutes, seamlessly accommodating growth in transaction volumes The solution has been benchmarked to process 1-Billion transaction records in an hour.

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