Advance Reconciliation Solution to empower your accounts team and boosts your financial velocity

Advance Reconciliation Solution to empower your accounts team and boosts your financial velocity

The client’s problem was:

MaxBupa Health insurance company used to perform the bank reconciliation process manually and it was becoming extremely demanding.
Historically reconciliation was performed in spreadsheets as follows:
  1. Data (GL and BS) were downloaded and stored from various sources.
  2. Post data massaging, Vlook ups were applied across multiple spreadsheets to output match and mismatch annexures.
  3. Then associate performed the RCA of mismatch transactions and performed manual matching by combining transactions, adding keys and uploading relevant information for each record.
  4. Associate used to send the manual match report to the senior associate for the sanity check.
  5. Lastly, once sanity was accomplished reconciliation summary was created, shared with management and stored in the monthly folders.

The entire cumbersome manual, time-consuming process was not meeting the business needs and some of the issues that the team was addressing were functional. For eg:

  1. Lack of standard format of Bank Statement resulting in an inability of its ingestion, missing values in GL dump.
  2. Different steps were involved based on the nature of the bank while performing recon.
  3. 40+ bank account data was voluminous and which made it impossible to perform recon on a daily or weekly basis.
  4. Lack of standardization in reporting, and approval processes.
  5. Other challenges like complicated transaction matching relationships ( 1 to 1, 1 to many, many to many) and exception management solutions.
All this resulted in a larger bottleneck at the month-end.

Solution details

The automated recon solution enables Maxbupa to perform bank reconciliation for complex bank accounts and high volume data with the least manual intervention, accurate precision and high frequency

  1. Automation of data absorption from multiple sources alongside feasibility of manual upload.
  2. Auto validations of the file with a detailed report of the errors in files.
  3. One-click reconciliation with automated matching logic to output match and mismatch annexures.
  4. Maker checker workflow for complete compliance for exception management with predefined variance tolerance in amount.
  5. Ready-to-go reconciliation reports.
  6. Role-based accounts for multiple users.
  7. Segregated environment for each bank account.


From the initial phase, the MaxBupa recon team along with the Envigo BRS team has identified, validated and implemented best practices/ match rules to fine-tune their bank reconciliation and to minimize the exceptions cases as much as possible. Other core benefits are as follows
  • Significant time & cost savings
  • Business user-friendly interface.
  • Auditable framework for enhanced control.
  • Seamless integration with ERPs, internal
  • systems and platforms
  • Scalability and flexibility
  • Transparent & complaint process
Key Number
Manhours reduced from 8 hrs to 1 hr per reconciliation ( High volume) Speed Up processing data speed, around 10 lakhs entries in 20 mins. Capacity per associate is increased from 20 recons per day to 2 recons per day. 24*7 access to real-time data and reports. Annexures ageing is reduced to 2 days from 2-3 weeks.
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