Contractors Bonding Limited is the largest and oldest provider of credit surety and financial risk in New Zealand.
The origins of CBL's business was closely linked with the provision of performance bonds to the contracting industry. It was in this financial risk niche market that CBL developed its primary area of expertise, a heritage which is reflected in CBL’s ongoing involvement with, and support of, the New Zealand Contractors Federation. Today they are able to provide a wide range of niche financial and credit risk products for corporations, banks, government agencies and other clients in a number of countries. With clients in New Zealand and around the world their credit insurance and financial surety related products are available through an international distribution network that they have developed over a number of years, this is supported by their offices in Auckland, Kuala Lumpur and London.
Before switching to Dynamics NAV, CBL had separate systems for Financial Management and Insurance Contracts. Administration and Operational staff operated in their own areas of information with data transfers required to update billing and financial records. With their expanding business the custom developed Database for the Insurance Contracts was also becoming a bottle neck in operations with slow data retrieval and search features.
Acumen Consulting Ltd conducted transactional walkthroughs and discussion of the current system with operational staff. This enabled a detailed design and project scope document to be written detailing a new Insurance Contracts module to be written within Dynamics NAV. This new module operates in conjunction with the Dynamics NAV Customer Relationship Management and Receivables modules providing one source of information and fully integrated billing capabilities.
Since installing the Dynamics NAV solution CBL has experienced a number of benefits including greatly enhanced visibility into all operations and superior data access speed. The new Insurance Contracts module has allowed one point of data entry and billing while also enabling the operations staff to see total policy exposure for clients easily and even outstanding amounts from the Insurance Contract. Operations and Administration staff no longer work in isolation from each other enabling improvement in company operations.