Life Insurance Provider

Life Insurance Provider Revitalizes Cash Management With Redbridge

Challenge

A multinational insurance company with a diverse network of banks and acquiring partners across 23 countries, faced challenges in achieving transparency and optimization of bank and acquiring fees. The complexity of varying local policies and tax regulations hindered their ability to secure volume discounts. To address this, the company aimed to centralize operations and enhance visibility into bank fees & cash collection, with a focus on navigating complex regions such as Latin America, North America, and the Caribbean.

Solution

Redbridge conducted a comprehensive data collection initiative, analyzing bank fees and payments from over 50 banking partners. This audit highlighted the need for a structured RFP process with both regional and international partners to develop a more centralized banking and acquiring architecture. Redbridge expertly managed all bank negotiations, ensuring competitive market pricing for the client, which allowed them to focus on the implementation of the new centralized gateway.

Results

This streamlined banking process improved efficiency across all regions, aligning banking structures through both regional and international gateways. The new centralized strategy reduced cash collection times and bank fees, while enhancing the user experience with a ‘digital-first’ collection approach. Additionally, the company secured multi-year pricing commitments, ensuring fee predictability and sustainability. Redbridge continues to support these improvements through HawkeyeBSB.

• Global scope containing North American, Latin American, and the Caribbean
• Fair market pricing secured with banks in multi-year contracts
• Reductions in cash collection times and bank fees