Case Study: Transforming Financial Processes at Hollard Insurance with ProSpend

Hollard Insurance is one of Australia and New Zealand's leading insurance
providers, offering a wide range of products from home and contents insurance to
car, pet, and life insurance. Known for its customer-centric approach, Hollard
continuously seeks innovative solutions to enhance internal processes and deliver
exceptional value to its policyholders.

ProSpend Founder and CEO, Sharon Nouh, met Greg Browne, AP Manager at Hollard to talk about Hollard's experience as a ProSpend customer. From when and why they started their ProSpend journey, what features are most loved by the team at Hollard, how they benefit from it and what excites them about the future at Hollard and ProSpend. 

Watch the video to know more about Greg Browne and Hollard's journey with ProSpend

Hollard is a global financial services provider with operations in Australia, New Zealand, Africa, Europe, India and China.

Case Study: Transforming Financial Processes at Hollard Insurance with ProSpend

About Hollard Insurance

The Challenge

Hollard Insurance faced several challenges in managing its financial processes:

• Cumbersome Accounts Payable (AP) Process: Manual invoice processing was time-consuming and prone to errors, delaying payments and affecting vendor relationships.
• Disorganised Expense Management: Tracking employee expenses and corporate cards lacked consistency and visibility, leading to compliance risks and inefficiencies.
• Manual Travel Reconciliation: While Hollard partnered with Goldman Travel as their Travel Management Company (TMC), reconciling travel bookings and uploading their travel data into NetSuite remained a time-consuming, manual process.
• Scalability Concerns: With Hollard’s growth, their existing systems, and resources were struggling to handle increasing complexities in financial operations.

To address these issues, Hollard sought a comprehensive solution that could centralise and streamline financial processes across accounts payable, expenses management, and travel reconciliation.

The Solution: ProSpend

Hollard chose ProSpend due to the platform’s versatility, ease of use, and seamless integration with their existing systems, including NetSuite and Goldman Travel

Modules Deployed by Hollard Insurance:

1. Accounts Payable Automation: Automating invoice processing eliminated manual data entry and ensured faster approvals with tailored workflows.
2. Expense Management: ProSpend’s expense module streamlined both staff reimbursement claims and corporate card processes. Employees now capture receipts via the mobile app as soon as an expense is incurred, eliminating the need to retain paper receipts and ensuring real-time visibility into expense submissions.
3. Travel Manager Module: ProSpend’s travel manager automated the traditionally manual and time-consuming process of travel reconciliation. By integrating with Goldman Travel via a seamless data feed, ProSpends Travel Manager module is able to automatically match travel receipts, to the Goldman statement providing greater transparency and efficiency.

The Results

Since implementing ProSpend’s comprehensive solution, Hollard Insurance has achieved significant improvements across its financial operations:

1. Accounts Payable Transformation:
   • Invoice processing time reduced by over 60%, allowing faster vendor payments.
   • Manual data entry errors have been reduced ensuring greater accuracy.
   • Real-time reporting enhanced visibility into cash flow and invoice statuses.

1. Enhanced Expense Management:

• Employee expense reporting time has been significantly reduced compared to their previous manual process
• Corporate card reconciliations are now seamless and transparent.
• Employees appreciate the convenience of capturing receipts instantly via the ProSpend mobile app.
• Compliance improved through automatic enforcement of expense policies.

1. Streamlined Travel Reconciliation:

• Automating the travel reconciliation process, freeing up valuable time for the finance team.
• Transparency and auditability of travel expenses improved significantly, enhancing compliance and reporting accuracy.

Looking Ahead

Building on this success, Hollard Insurance has plans to explore ProSpend’s Virtual Card capability to replace cash reimbursements. This would help to reduce manual work and speed up the reimbursement of cash claims to staff.

For more information on how ProSpend can transform your financial processes, contact us today.