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InsurTech
B2B2C
Pattern has a complex billing process with multiple products, entities, partners and channels, each with its own set of terms and regulations.
Pattern is an embedded Insurtech company that allows service providers to integrate protection products such as insurance and guarantee into their customer proposition as a complementary add-on to their core offering.
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The billing process was completely manual, with different CSV formats, with tens of thousands of line items, making it extremely time-consuming, error-prone and stressful.
An inefficient manual billing process has limited Pattern's scalability. The Finance team found itself laboring over data analysis and pricing calculation, instead of focusing on progressing the Finance function at the company.
Manual work has made it impossible to meet invoicing and payment deadlines. This hurt the Cash Cycle and had an impact on partner relationships.
Manual analysis and audit have made it difficult to see the big picture, as well as dive into the details quickly when needed. Working with disparate data sources made reconciliation and analysis a big issue.
The Finance team at Pattern can now automate the contract-to-reconciliation process, in accordance with each customer's specific B2B contract terms, regulations and required document formats. Adding new pricing and contracts is a click away.
The Finance team at Pattern is now able to upload all they’re CSV big data formats, which feeds into the different contract logic. No data manipulation is needed. This consolidates all data into one unified dashboard and automatically validates it to ensure an accurate single source of truth.
●Contract Management
Pattern’s Finance team is now able to manage complex customer and partner contracts, including customized terms with varying entities, currencies, and regulations.
Reduced closing time from 3 days to a couple of hours, freeing up the finance team to focus on strategic initiatives, and doing more thinking, less repetitive work.
With newfound scalability and flexibility, Pattern can open new business models and contract arrangements, and bring on new customers without capacity limitations.
With consistent and accurate real-time data and analytics, Pattern can make smarter decision making, budgeting and financial planning.