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Resources Modernizing Treasury Management and Cash Forecasting
Success Story

Modernizing Treasury Management and Cash Forecasting

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Horace Mann Educators Corporation (NYSE: HMN) is the largest financial services company focused on serving America’s educators and school employees with insurance and retirement solutions. The multiline insurer provides auto, home and renters insurance, in addition to life, liability and disability insurance policies. Additionally, the company has a line of savings and retirement investment programs that also focus on educators. Founded by Educators for Educators® in 1945, Horace Mann is headquartered in Springfield, Illinois.

Introduction

As Horace Mann has continued to scale, so has the volume and breadth of financial data that must be managed and accurately forecasted. Particularly as the number of banks the company works with has swelled, legacy and manual treasury processes were becoming increasingly burdensome and time-consuming, lagging behind the immediacy that Horace Mann’s treasury and finance team required. The company realized that a more modernized approach to treasury management and forecasting would streamline its most inefficient operations and provide the blueprint for ongoing treasury innovation within the organization.

The Challenge

Horace Mann has 25+ bank accounts, and all data compilation and balancing had been executed within Excel worksheets prior to its treasury system overhaul. Virtually everything the company was doing in treasury was Excel-based and manually processed, including cash positioning, accounting and forecasting. Any payments the treasury team needed to schedule required manually going into each bank portal and updating the information. “Inefficiencies had become an increasingly big frustration for our team,” explained Andrew Stroud, Horace Mann Analyst for Banking and Investments. “Looking back at our Excel processes, we were putting a lot of time every day toward updating and maintaining spreadsheets.” Seeking to increase productivity and reduce strain while gaining a more immediate and accurate hold on its financial data, the Horace Mann team decided to transform its approach to treasury

GTreasury has infused significantly more efficiency and efficacy into our treasury and finance team. The difference in our cash management and forecasting has been night-and-day compared to our incumbent processes, and we are well-positioned for ongoing growth with a modernized and scalable treasury technology ecosystem in place.

Andrew Stroud

Analyst - Banking and Investments, Horace Mann

The Solution

Spearheaded by Horace Mann’s AVP, Assistant Treasurer Rachel Luber, and seeking a modernized treasury management system that could facilitate growth, the company began vetting solutions before selecting GTreasury. “Forecasting was a particularly big sell for us, and it was clear GTreasury excelled there compared to others,” said Stroud. “But really, GTreasury had a little bit of everything we were looking for—this was a complete solution we had confidence in from the start.” Horace Mann cited GTreasury’s worksheets as being particularly unique and easily configurable, and the company felt assured in its ability to leverage those for cash positioning, forecasting and reconciliation. Horace Mann implemented GTreasury Cash Management, Accounting, and Payments modules. The GTreasury Treasury and Risk Management System (TRMS) gives Horace Mann a central hub across its treasury operations. All account analysis is now done via GTreasury. The company also uses its modernized system to continually monitor risk to identify better investment paths.

Importantly, Horace Mann also took advantage of an API integration with JPMorgan Chase as part of its GTreasury solution. “This has been huge for us,” cited Stroud. “GTreasury’s solution integration with JPMorgan enables us to get current-day BAI files instantly and whenever we need them, as opposed to just once a day.”

 

The Results

Horace Mann has drastically improved the efficiency and flexibility of its treasury processes by modernizing around GTreasury’s TRMS. Ongoing tasks such as compiling account data and updating its two dozen bank accounts that had taken hours using Excel worksheets now take “less than
half that time” to complete with GTreasury. “For example, we work with one bank that gives miscellaneous credits at random intervals,” explained Stroud. “Before GTreasury, we would have to highlight those credits and email them out one at a time. With GTreasury, they are instantly tagged and reported. This had been a time-consuming process that took us 30 minutes anytime we needed to do it; now, it’s instant and automatic.” The ease of how quickly dashboards can be created and shared has also proved valuable. The treasury and finance team now share cash positions and other relevant and timely business-critical information on-demand.

Going forward, Horace Mann looks to incorporate additional GTreasury capabilities into its treasury workflows. For example, the company is looking into how GTreasury’s AI-powered SmartPredictions™ can add value to its cash forecasting. “The road that lies ahead between Horace Mann and GTreasury really excites me,” said Stroud.

 

GTreasury provides the clarity to act. 

GTreasury is the leading innovator of integrated SaaS treasury and risk management solutions for the digital treasurer. We offer any combination of cash management, payments, financial instruments, risk management, accounting, banking and hedge accounting—all seamlessly integrated, on-demand worldwide and fully secured. Headquartered in Chicago, with offices serving EMEA (London) and APAC (Sydney), our global community includes more than 800 customers and over 30 industries reaching 160 countries worldwide.

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