By ditching a web of hundreds of spreadsheets and emails in favour of a TMS from Salmon Software, the liquidity management team at the Zurich Insurance business unit Switzerland and CI EMEA has been able to facilitate accurate and insightful short- and long-term cash forecasts as well as enhance its treasury payments.
Celebrating its 150th anniversary this year, Zurich Insurance Group (Zurich) is a global multiline insurer with around 55,000 employees providing a suite of insurance products and services in more than 215 countries and territories. Zurich’s customers range in size from individuals and SMEs to multinational corporations.
With a market capitalisation of CHF60bn (approximately US$65.38bn) in 2021 and a recently-announced business operating profit of US$5.7bn in 2021, Zurich is entering its next 150 years on a solid footing. This is particularly the case for the Switzerland-based liquidity management team of the Swiss business unit and CI EMEA, which has recently implemented the Salmon Software TMS, Salmon Treasurer.
Before the implementation, the main challenge facing the liquidity management team was that the processes were highly manual. For example, there was a significant dependency on partners due to various services being outsourced to Zurich’s service centres around the world resulting in a vast number of emails containing business-critical data coming in daily.