Case study: ready for growth

Case study

Thomas Insurance Brokers


The challenge

Gary Thomas, Principal at Thomas Insurance Brokers, was spending at least an hour each day on banking. "I'd bring in the BPAY® file overnight but it didn't auto-reconcile so I'd go through that manually. At lunchtime I'd deposit any cheques or cash at the bank, and then at the end of each day I'd total up the credit card payments via EFTPOS. It was very time-consuming."

It was also difficult to hand over to another staff member – and there was the risk of transposing numbers, requiring extra time to identify and correct any mistakes.

The action

Gary is committed to implementing the best systems he can into his small business, and asked colleagues for advice. "They all spoke so highly of the Macquarie payment reconciliation solution, and then we were offered a further incentive through our cluster group." He could see MPP would save him money as well as time.

Although Gary was initially worried about switching banks, he found the transition seamless. "It was remarkably easy to get MPP up and running, it works hand in glove with our insurance operating system (WinBEAT). I had a designated person here in Adelaide who walked me through the process, and she was always available to help on the phone."

The Macquarie difference

Gary says he started to see the benefits immediately. It now takes him just five minutes a day to check the banking, and he can spend the rest of his time focusing on new business. "That's what we're here for, and sometimes you lose sight of that when you're busy managing the operations."

The reconciliation process is great – it is so seamless and streamlined, it just seems to run itself.
Gary Thomas, Principal, Thomas Insurance Brokers

Thomas Insurance Brokers has grown over the two years since implementing MPP, but the automated system can scale with that growth. "It's also saving us time paying underwriters – previously I'd need to run a report and then make those payments manually. Now I upload a file and in a few clicks everyone is paid."

He says that now he can pass the merchant fees on to clients, he is also saving money. "I'd say that's another $10,000 a year in savings – and we've got a better system. I imagine that for a bigger brokerage, the benefits would be even greater."

Gary's story is proof that no brokerage is too small to see the benefits of automated payment systems. "The reconciliation process is great – now I can ask someone else in the office to do it in my absence without worrying about sorting through discrepancies later. It is so seamless and streamlined, it just seems to run itself."

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