About the
Company:
Aon Global Insurance Brokers Pvt Ltd. (Aon Global) is a joint venture between Mr. Prabodh B. Thakker of Global Insurance Services and Aon Corporation, which is the leading provider of risk management services, insurance and reinsurance brokerage and human capital and management consulting. It works with an employee base of 36,000 people working in 500 offices in more than 120 countries of the world.
Aon's fast-paced growth began in 1982 when Ryan Insurance Group merged with Combined International Corporation. Over the past twenty years, Aon has acquired some of the most well-known players in the insurance and consulting industries, including Hudig-Langeveldt, a provider of insurance protection for cargo ships.
So far as India Market is concerned, today Aon Global is the leading insurance intermediary. It is because it combines international expertise and local knowledge to provide value added, professional, cutting edge risk management and insurance solutions. The company is also the leading broker for placement of facultative risks in the aviation and energy sectors. The company is headquartered in Mumbai, has offices in Delhi, Chennai, Bangalore and Pune. Today the company aims to play a pioneering role in improving insurance penetration and risk awareness in the country.
Their Challenges
As a company which offers knowledge-based services in the insurance industry, it was important to be geared for growth without compromising the quality of processes.
For any services organisation, employee initiated expenses continues to be the largest area of discretionary spending - and this required to be controlled.
For their staff, who are very skilled, and time requires to be managed very well, it is important to ensure an efficient process of employee claims and approvals.
The Solution
NEXSTEP
Expense Management
was chosen to automate the employee expenses area.
This involved capturing and approval of all employee expenses, for travel as well as other expenses. This also included capturing client-recoverable expenses.
The ready solution with a quick
implementation cycle was an important factor in choosing the solution.
The Benefits
AON Global could reduce the turn around time of processing the employee claims, thereby enhancing employee satisfaction.
They could have visibility into the process, thereby reducing chances of errors or wastages. Expenses could be reduced due to the higher visibility.
Currently using the Employee Expense Management, Travel Expense Management and Smart Purchase Modules of
NEXSTEP
Expense Management.
About the
Company:
IDFC is a leading private sector diversified financial institution established by a consortium of strong global and local institutions with the support and sponsorship of the Government of India. A majority of IDFC's shareholding (67% as of March 31, 2008) is held by reputed global stalwarts that include respectable names like Government of India, International Finance Corporation (IFC) - a member of the World Bank Group, Government of Singapore, AIG, Morgan Stanley, Goldman Sachs, Citigroup, JP Morgan among others. The best Indian financial institutions such as HDFC, LIC, SBI, and IDBI are owners in IDFC, making it an institution of high repute and standing.
Incorporated on January 30, 1997 in Chennai, IDFC was set up on the recommendations of the 'Expert Group of Commercialization of Infrastructure Projects' under the chairmanship of Dr. Rakesh Mohan. As on March 31, 2007 on cumulative basis IDFC has approved 332 projects aggregating over Rs. 2,20,400 million. IDFC has also broadened its initial focus on power, roads, ports, and telecommunications to a framework of energy, telecommunication & information technology, integrated transportation, urban infrastructure, health care, food and agri-business infrastructure, education infrastructure and tourism. In its sectors of engagement, IDFC has been awarded lead arranger mandates and key advisory assignments.
Their Challenges :
Some of the key challenges for IDFC prior to automation were:
Getting visibility on Expenses made by Employees including Travel related Expenses and
day-to-day business Expenses
Time taken for processing Vouchers submitted by Employees was high
Time taken for processing Vouchers submitted by Employees was high
Tracking Purchases initiated at various locations was time consuming
Managing the Vendor and ensuring Payments as per commitments was difficult
Tracking the Budgets and their utilization was time consuming
Generation of MIS Reports for Analyzing the Expense Patterns was difficult
The Solution:
IDFC decided to automate the entire process of expense management - right from employee expense claims, to travel, to vendor payments.
IDFC evaluated various options and decided to implement
NEXSTEP
Expense Management
for expense management automation.
The objective was to automate the process right from capturing an employee claim, to the delegation matrix for approvals, to payments and accounting entries.
The Benefits:
NEXSTEP
Expense Management
offered end to end automation, which gave benefits it various ways:
reduced expenses
the same team size could do more work
more control and visibility on expenses
Streamlining the process of expense management has now paved the way for healthy growth of the organisation.
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