"The support of an experienced consultant has helped me save a lot of time in auditing the situation, making and validating decisions, and gathering the support of our teams."

Damien Vancraeyneste
Head of Group Treasury and Financing

Structuring a European treasury department

  • Audit of the existing situation and constraints relevant to the insurance sector
  • Recommendations for organization, tools and cash management
  • Selection of a TMS and banking communication tool
  • Implementation of European cash pooling

Background information

  • 11 countries: 10 European countries and the United States
  • > 240 bank accounts with more than

30 banks

  • 1 business but 2 activities (insurance and services) with different constraints
  • Highly heterogeneous local teams performing treasury tasks, in terms of tools and skills
  • Idle cash to be centralized with the parent company and optimized

Results

  • Organization: structuring of the treasury function at the central and local levels
  • Cash management: harmonization of processes, optimization of conditions and reflection on banking relationships
  • Cash pooling: structuring an efficient liquidity management system compatible with the constraints of the insurance industry
  • Tools: selection of cash management tools (TMS and bank communication tool)

Methodology

  • Conducting numerous interviews and status reports to involve all local teams
  • Identifying and analyzing operations, tools, cash management volumes, cash positions and associated costs
  • Defining all possible scenarios
  • Optimizing future costs and presenting the business case and its ROI
  • Defining a list of vendors and banks to include in the RFP process

Redbridge’s Added Value

  • Full project management in collaboration with operational teams
  • Tight, controlled schedule with a senior project team
  • Connections with other treasurers to fuel reflection on the most adequate structure for Europ Assistance’s future treasury department
  • Unique knowledge of the capacities and products of each provider (banks and treasury software vendors)
  • Assistance in negotiating and decoding price specifics
  • Assistance in training teams in best practices (processes, cash flow forecasts, etc.)
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