Sterling Life Insurance Implements Treasury Management Strategy with Chesapeake
Sterling Life Insurance Company, a provider of insurance products, has recently implemented hosted versions of Chesapeake System Solutions’ entire suite of software solutions as part of a treasury management strategy.
Chesapeake’s T-Recs Enterprise provides Sterling a complete financial control framework. Currently, it is reconciling cash accounts plus related cash-clearing accounts. Sterling anticipates bringing on non-cash general ledger accounts as well. Relative to Chesapeake’s SmartTreasury, Sterling is using the software to retrieve daily bank account activity, analyse daily cash positions, initiate electronic cash transfers and prepare a daily feed of all cash activity.
SmartAnalysis is enabling Sterling to better manage its banking relationships by confirming the appropriateness of banking charges and comparing its fees to banking averages. Finally, Chesapeake’s Unclaimed Property Compliance System (UPCS) is managing claim payments made to health providers, returned policy premiums and accounts payable payments to vendors.
Marty Catron, Sterling’s vice president of finance, said: “We researched several treasury management vendors and concluded that Chesapeake’s comprehensive suite of solutions fully satisfied our treasury management needs. T-Recs Enterprise’s complete governance framework was a decisive factor. As a subsidiary of an international company, Sterling must comply with myriad operating and compliance requirements. In addition, Sterling will be required to comply with the Model Audit Rule effective January 2010. T-Recs Enterprise allows us to streamline our processes, replace manual controls with system controls and provide more accurate oversight and review over the reconciliation process.”