Fidelity Life maintains growth and competitiveness with Truvio AP Automation

About Fidelity Life

Fidelity Life is New Zealand's largest locally owned life insurer, founded in 1973 and headquartered in Auckland. Backed by local shareholders including the NZ Super Fund and Ngāi Tahu Holdings, the company provides life, trauma, income protection, business, and rural insurance to over 300,000 New Zealanders.

Shedding a Manual AP Process

In 2019 Fidelity Life launched Project Watson, a programme to develop the brand new technology platform that will underpin the company’s broader transformation. Once completed, the new platform will streamline administrative processes, reduce operating costs, lift productivity and ultimately help Fidelity Life become more competitive.

As part of this project, Datacom helped Fidelity Life move from Microsoft Dynamics (GP) to Microsoft Dynamics 365 F&O, and recommended Truvio AP Automation as the best AP solution for F&O.

Phase One: Complete

Truvio AP Automation was implemented as part of the General Ledger phase of Project Watson, with over 3,000 vendors successfully migrated to D365 FO. Jay Patel, Head of Finance at Fidelity Life explains: “We had a very paper based approach before the COVID-19 lockdown. The lockdown made AP automation more important than ever.”

Fidelity Life implemented Truvio AP Automation for Microsoft D365 Finance & Operations and Truvio Data Capture and:

• Increased efficiency and overall cost control

• Got automatic regulatory compliance

• Reduced paper-based systems

Not Just AP Automation

In addition to the time and cost saving benefits that AP automation provides, Fidelity Life has reported significant improvements with financial control since going live with Truvio AP Automation in 2021.

Truvio's ability to match GST numbers and bank account details on supplier invoices with existing vendor details has given confidence to their business. Preventing fraudulent invoices from being processed has been particularly important during COVID-19, where the risks of opportunistic fraud and corruption have become more prevalent.

Financial control has also been improved through Truvio's approval process, with fast and accurate routing of invoices to budget holders based on their approved delegation of authority limits, ensuring suppliers are always paid on time.

From an Accounting Perspective

Truvio AP Automation has also helped improve cash flow. Prior to using Truvio, Fidelity Life was only able to claim GST on invoices once they had been manually processed, as that was the earliest point the invoice entered the system. With Truvio AP Automation, invoices now enter the system as soon as they are received, allowing GST to be claimed much sooner without having to rely on time consuming manual processes previously performed by AP staff.