FSS Technologies, leading provider of integrated payment products and a payments processor, has announced its partnership with Askrindo, Indonesia’s general insurance industry, to expand its insurance offerings.
In its official communiqué, FSS said that Askrindo has implemented its Smart Recon solution to modernize and maximize the efficiency of its reconciliation operations. Established in 1971, Askrindo, member of Holding Indonesia Financial Group or IFG, is a prominent insurance services provider, catering to the insurance needs of medium and the small enterprise segment to support Indonesia’s economic development.
To support its rapidly growing operations, Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which create challenges around efficiency, accuracy, and control. Designed to process complex and large volume of payments, claims and settlement data, FSS Smart Recon automates core workflows encompassing data extraction, enrichment and reconciliation, exception management and settlement.
Rachmad Hidayat – Senior Vice President Division Head of ITat Askrindo, commented; “It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion. We were impressed by FSS’s extensive experience, innovation, and depth in deploying reconciliation solutions for a wide customer base, strong local presence, and support in the Indonesian market. With FSS Smart Recon we are building an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure.”
Krishnan Srinivasan COO, FSS PayTech stated; “Askrindo is the latest addition in our growing base of reconciliation customers in the APAC region. Askrindo needed an experienced partner to address reconciliation challenges and we are excited to work with Askrindo to deliver a modern, web-based reconciliation framework, that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance.
FSS has partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. For Askrindo, it rationalizes costs and eliminates rational overheads associated with running the day-to-day services.