Insurance Company Takes Control of Cash Management Operations with Redbridge
Industry
Insurance
Region
North America
Service
Cash Management
Challenge
One of Redbridge’s clients, a global provider of comprehensive risk management solutions, wanted to find a way to optimize the company’s growing number of bank accounts, reduce bank fees, and consolidate smaller banking relationships that had inefficient and manual operations all at once. When assessing banking relationships, the most important criteria was the reliability of systems, services, and fee transparency.
Solution
This client partnered with Redbridge’s Cash Management team to launch a formal Request for Proposal to consolidate bank relationships, streamline operations, increase automation, leverage best practices, and achieve cost savings. During the service utilization workshop, Redbridge identified & recommended opportunities to decrease various costs, specifically around stop payment renewals and lockbox consolidation.
Results
With Redbridge, the client was able to select banking partners that met their criteria while reducing cash management costs and consolidating banking relationships to improve efficiency. In the U.S. & Canada, yield optimization was a key factor in significant overall annual improvements. After negotiations concluded, the treasury department achieved a 34% reduction in cash management costs across global operations.
- 34% reduction in cash management costs
- Yield optimization across the U.S. & Canada
- Consolidated banking relationships
“For treasury teams managing complex banking structures, operational efficiency and cost transparency are often at odds. Our role was to align both by identifying inefficiencies, streamlining bank relationships, and securing measurable savings. In this case, that meant a 34% reduction in global cash management costs without compromising service quality.”
Mike Russell
Director, Redbridge