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Intelligent Automation for Airlines and Insurance

While Finance & Accounting is a horizontal service with basics cutting across industries, there are focussed approaches that appeal to certain industries. The uniqueness in which they operate necessitates specific procedures and practices and know-how, without which it is difficult to effectively manage Finance & Accounting for these industries. Hexaware specializes in a couple of these industries which require special treatment to bring platform-based and automation enabled business process transformation.

Lines of Business

With over a decade of focus on the Global Travel & Transportation vertical, Hexaware brings a platform enabled Revenue Accounting solution in a managed service model where we deploy the platform as well as provide ongoing Revenue Accounting operations on the platform. Our platform partner brings over 15+ years of expertise and a combination of Passenger Revenue Accounting (PRA), Business Intelligence, invoicing solution, Advanced fare auditing and Credit card matching solutions. Being an IATA strategic partner we have led 45+ deployments successfully. Through a platform enabled solution, we offer a holistic services portfolio across Revenue Accounting.

We also extensively leverage Robotic Process Automation (RPA) to automate a host of processes across Revenue Accounting including:

  • Master / Reference Data Setup & Updates
  • Email / Manually SFTP Reports / Extracts in certain cases
  • Bank Deposit Reconciliation with BSP / ARC & Own Sales
  • Sales Suspense Account Reconciliation within Tolerance Range
  • Specific Interline Inward & Outward Processing Areas

Key benefits delivered include:

  • Full Passenger revenue accounting coverage with a high level of automation and integrated controls
  • Flexible approach – EDGAR PRA is compliant with industry rules yet adaptable to your airline-specific business cases
  • Industry changes (IATA Easypay & NPM) and system enhancements
  • Experience in data migration, customizations and integration with third-party systems
  • Integrated Prorate Engine

The complexities involved in actuary is a yardstick that marks the complexities surrounding Insurance / Reinsurance accounting as well. Accounting treatment related to reserves, Deferred Acquisition Cost, Premium Accounting and various Reinsurance Contracts are nuances that necessitate specialized knowledge to process Insurance / Reinsurance Accounting. Our services range for specialized services across Payables, Receivables, Reinsurance Contracts and Investments Accounting.

We have identified 15+ use cases across Insurance / Reinsurance Accounting viz. Preparation of Reinsurance Statements, Treaty Administration, Ceding Commission Processing etc. where RPA can play a significant role. We combine Robotic Process Automation and Intelligent Automation to enhance Straight Through Processing levels, thus helping our clients attain typical benefits that can range up to 40%+ productivity gains, 100% accuracy, reduced TAT and improved stakeholder experience.

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