Maintaining a 4-Day Close Despite a 3X Increase in Volume

Since the 1970s, Proctor Loan Protector has blended comprehensive insurance programs with innovative tracking and reporting services to meet the specific servicing requirements of mortgage servicers, community banks, credit unions, sub-servicers, distressed asset investors, and the U.S. government. As a wholly-owned subsidiary of Brown & Brown, Inc., an NYSE company with a $4.7B market cap, Proctor is positioned to enhance its technology and service offerings for its more than 1,500 mortgage servicer clients.

The Challenge

In 2019, Proctor Loan Protector was on the verge of rapid growth. While still reliant on spreadsheets to manage complex reconciliations, the treasury team felt they were holding the company back with manual processes that couldn’t scale during its period of rapid expansion.

“Our processes were highly manual and weren’t scalable,” says Cyndi Dorsey, treasury director. “We’d maxed out our spreadsheet capabilities.”

The lack of automation stood in the way of the team’s “path to success,” says Alan McAnally, CFO.

“We knew our existing process wouldn’t be able to support a rapidly growing business. Fiduciary bank accounts have to be reconciled within the bank account at the loan-level detail. We were moving two to three billion transactions through clearing accounts, manually. Our solution was no solution.”

Why BlackLine

The team wanted to “move faster,” increase accuracy, and decrease risk. A neighboring fintech suggested BlackLine. “BlackLine would help us automate and enable scalability. It also integrates with Kyriba, our treasury management solution,” says McAnally.

During implementation, the team not only engaged consultant Clearsulting as an external project manager, but also brought on board numerous in-house stakeholders. “We invited a broad group, including our CEO and the leader of IT, to work with us during implementation. We wanted everybody’s input. This was one project we knew we couldn’t do alone,” says McAnally.

The Results

Increased efficiency during high growth. With BlackLine, the team has simplified and streamlined what was previously a manual, highly complex process despite an increase in volume.

“Because BlackLine is scalable, we can support a four-day close no matter how big we get,” says McAnally. “We’re now moving six billion transactions through the system. Our volume has increased but the number of people processing hasn’t. I can only imagine what hell we'd be in if we were trying to reconcile with spreadsheets. If we hadn’t been willing to change, we would probably be viewed as the weak link in the company’s growth journey.”

Enabled real-time visibility. McAnally and the team now have a comprehensive view of a highly complex process.

“With BlackLine, we have access to metrics. I can compare accounts every day. The visibility has been wonderful in de-risking our treasury processes.”

Improved morale. Staff see the value in BlackLine, as it’s enabled a better day-to-day experience.

“Morale has improved. We’re able to meet very tight deadlines. And staff aren’t struggling with shared workbooks or losing their data,” says McAnally. “Everyone is very happy with the BlackLine experience.”

Industry

Insurance

ERP

Workday

Region

United States

Company Size

Midsize

Business Impact

Increased efficiency to support high growth.

Enabled real-time visibility.

Improved morale.


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