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Fragmented procurement processes across geographies was delaying vendor payments and increasing maverick spends for a leading insurer
In partnership with WNS, the company achieved a complete digital transformation of its procure-to-pay process, with consolidated operations, reporting and global governance
Insurer realizes productivity benefits of ~USD 1 Million, and 30 percent reduction in the purchase request to purchase order cycle time
This is our story of co-creating a solution with a leading U.S. insurance company
As we know...
A digitally capable Procure-to-Pay (P2P)
function offers companies the advantages of
choosing the right suppliers, negotiating the
best contracts and minimizing spend on
categories with maximum efficiencies.
The challenge for the insurance company was...
The company’s P2P function had manual and
fragmented processes. This was causing delays
in vendor payments and increasing maverick
spends. Loosely defined Service-level
Agreements (SLA) and the absence of a
centralized governance structure were further
hurdles in formulating and driving future
strategy. The insurer partnered with WNS to
embark on a digital transformation journey,
and leveraged analytics to enforce compliance
and improve its end-to-end P2P function.
Here’s what we co-created as a solution...
WNS leveraged its domain expertise to first
consolidate and standardize the client’s P2P
operations across 80 countries. Legacy and standalone systems were integrated into a
single Enterprise Resource Planning system
with consolidated reporting and delivery.
In collaboration with the client, WNS
automated and digitized key areas in the
insurance company’s P2P process.
The Accounts Payable process was
completely digitized across 80 countries
E-invoicing was introduced in 17 countries to
enable vendors to process their own invoices
Self-service vendor portals were introduced
in the U.S. allowing vendors to upload
the relevant compliance forms without
The insurance company leveraged WNS’
analytics expertise to:
Work on business hygiene, including
trimming the vendors’ list by identifying
duplication, and inaccurate or incomplete
information; and preventing duplicate
Measure the performance of a variety of
metrics, including the category-level spend,
identifying the bottlenecks and fixing the
sub-optimal parts of the operations
Implementing a ‘No Purchase Order,
No Payout’ policy
Establishing a global governance model
This led to significant improvements in SLAs
and turnaround time in the areas of invoice
exceptions, payments and supplier
performance. The centralized and standardized
operations increased productivity and
eliminated cost redundancies.
Our learnings and outcomes from the process of co-creation are...
That digital transformation helped create
significant business benefits across all areas of
the insurer’s P2P function.
Productivity benefits of ~USD 1 Million
30 percent reduction in the Purchase
Request to Purchase Order (PO) cycle time
Cost savings of USD 2.46 Million due to
elimination of duplicate invoices
Closing of open POs worth USD 27 Million
resulting in reduced accruals and increased
Electronic payments increased to 94 percent
from 66 percent
98 percent PO penetration across the globe
based on analyzing and consolidating spend
under management worth ~USD 2.2 Billion
‘On-time’ payment of invoices in the U.S.
increased to 75 percent
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