Business Situation

In the insurance industry, Month-end Closing is a process to review business, collect data and reconcile account information. The month-end closing procedure has complicated steps where you need to gather data, analyze process, reconcile and adjust data from different various platforms.

Reconciliation is an account report that pictures whether the correct balances are recorded within their accounts. Reconciliation Reports are used to compare datasets, ensure that transactions and accounts are in proper order by companies.

Our Approach & Solution

Month-end Closing is a data-intensive task, so our main purposes are gathering the accounting data, preparing reports, and ensuring everything is filed and reported on by the closing date. Typically, it takes 4 to 10 days to complete the month-end closing process according to the business stakeholders. The size of the company, the volume and complexity of transactions that need to be recorded and reconciled, and the accounting systems that are used can be considered as major reasons for such a long process.

After eliminating manual data entries and interference, automating data collection and reconciliation process are the steps in our solution. Constant improvements will be applied during business-as-usual period. Month-end Closing and Reconciliation Reports provide business owners the ability to analyze the business comprehensively.

Technologies

Knime Analytics Platform as a reusable workflow tool, Oracle Database as a relational database management system, IBM DataStage as an ETL perform tool are used in order to manage the project.