Reimagining Financial Reconciliation as a System-level Capability for a Leading Insurance Carrier

As this insurance carrier expanded across 64 lines of business, financial operations struggled to keep pace. Core policy administration, claims, and billing systems operated independently, while financial accounting relied on manual reconciliation to align premiums, losses, commissions, and expenses. Audit findings repeatedly flagged reconciliation gaps, and statutory reporting cycles placed increasing pressure on finance and actuarial teams.

Client Challenges and Requirements

• Close cycles were slow and unpredictable — month-end close routinely exceeded 10 days, delaying financial visibility.
• Audit risk increased, including reconciliation gaps between the general ledger and policy/claims systems.
• High-value teams were pulled into exception chasing — significant effort was spent investigating mismatches instead of analyzing performance.

Bitwise Solution

• Reimagined reconciliation as modern .NET dashboard-driven applications integrating Guidewire, Duck Creek, legacy policy systems, and billing platforms into a single automated control layer.
• Embedded reconciliation logic directly into the application layer — automated matching across premiums, losses, commissions, and expenses replaced human-dependent processes.
• Designed exception handling to surface, categorize, and route exceptions automatically with intelligent workflows.
• Architected a reusable reconciliation framework extending beyond month-end close into statutory accounting, surplus reconciliation, and reinsurance.