Askrindo Indonesia picks FSS for reconciliation operations

Askrindo has implemented its Smart Recon solution from FSS Technologies Singapore to modernise and maximise the efficiency of the Indonesia-based insurer’s reconciliation operations. 

A member of Holding Indonesia Financial Group or IFG, Askrindo is a rapidly growing insurance services provider, catering to the insurance needs of medium and the small enterprise segment to support Indonesia’s economic development.

To support its rapidly growing operations, Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which create challenges around efficiency, accuracy, and control. 

“It was important for us to select the right technology platform on our digitalisation journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion,” Rachmad Hidayat, SPV and IT division head at Askrindo.

“With FSS Smart Recon we are building an agile back-office that helps us optimise reconciliation cycles, reduce errors, and lower operational risk exposure,” said Hidayat.  

Krishnan Srinivasan, COO of FSS PayTech, said Askrindo is the latest addition in their growing base of reconciliation customers in the Asia-Pacific region. 

FSS has also partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. 

FSS provides a full set of reconciliation capabilities to help Askrindo meet its business objectives for improved efficiency, transparency, and control over the financial close process. FSS Smart Recon automates the entire reconciliation process from premium, claims, inter-system, and intercompany reconciliation as well as Bordeaux reconciliation. 

The solution is data-agnostic and greatly increases reconciliation set-up speeds while reducing exceptions and manual interventions, freeing staff for value-added tasks.