Acquisitions can be a challenging time for companies. Consolidation, reorganization, and integration are high level concepts that encompass many issues that can make-or-break a successful acquisition. Reliance Standard life Insurance (RSLI) needed financial finesse and precision during their acquisition of Standard Security Life Insurance. As a result, they chose Highstreet to implement Oracle eBusiness Suite (EBS) including General Ledger, Accounts Payable, Purchase Order, iProcurement, and Financial Accounting Hub. RSLI beat acquisition challenges and went live on January 1st, 2022.
RSLI, a member of the Tokio Marine Group Family, was founded in 1907 as an insurance provider. They provide financial protection, supplemental health benefits solutions, and absence management services to their clients. Critically driving efficient solutions in employee benefit strategy while providing an integrated, seamless, and easy-to-use solution for employees and clients. By their recent acquisition of Standard Security Life Insurance (SSL), RSLI’s book of business grows to $44.4 million making them the third largest provider of New York disability benefits law insurance. Acquired on January 1st, 2022, SSL provides New York disability benefits law and statutory paid family leave insurance.
How did Highstreet enable RSLI to beat acquisition challenges?
RSLI’s main challenge was merging their financial systems with SSL’s separate, inefficient back office financial processes on the day of acquisition. All this, without giving up historical financial data. SSL’s legacy system, Freedom, required manual reconciliation and detail entry, making the project harder. RSLI chose Highstreet because of our ability to successfully convert and implement the newly acquired SSL on a rapid timeline while putting ledger stats in their new system and being able to maintain old financial records and system.
SSL & Freedom had limited abilities such as limited online deposits. This resulted in an extended period to process a payment. Now there is next day payment option. This streamlined transaction time equals better service for customers that rely heavily upon RSLI. Part of what they do is disability service, and disability claims. Next day payment allows RSLI to provide a higher level of stability to their customers dealing with severe hardship.
After the Oracle eBusiness Suite and Financial Accounting Hub went live on the day of acquisition, things are moving smoothly and automatically. Now, RSLI’s system automatically reconciles every day, including the ones used by SSL. SSL’s one manual system now handles thousands of premium deposits every day, 24/7. This return on their investment is emphasized by the fact that this work is all done by existing staff members.
RSLI and Highstreet plan to continue their relationship through additional projects like an International Accounting Reporting Standards (IFRS) Implementation, EBS upgrades, and other additional process automation goals. Highstreet is happy to partner with RSLI and SSL to help provide their clients with the best possible service. To learn more about the transformation your institution can have when you partner with Highstreet.