"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."
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.)