Marsh McLennan Wins 2022 AFP Pinnacle Awards Grand Prize for Excellence in Treasury and Finance
The Association for Financial Professionals recognizes the leading finance groups for innovation, collaboration and results.
PHILADELPHIA, Oct. 24, 2022 /PRNewswire/ -- Marsh McLennan was announced the winner of the Association for Financial Professionals (AFP) 2022 Pinnacle Awards Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by MUFG (Mitsubishi UFJ Financial Group NYSE: MUFG), was presented during AFP 2022 in Philadelphia, Pa.
Marsh McLennan's submission centered on training a machine learning model to predict client churn, a critical metric for driving business that had previously been calculated through a quarterly, and sometimes even monthly, manual review process.
Using several years of transactional invoice data, the model computed the client retention rate in Mexico, achieving the same or slightly better accuracy than the manual process. The model removed manual workload from the financial planning & analysis teams and allowed client teams to proactively manage client relationships.
Marsh McLennan is now migrating the model to full implementation and scaling it up to include other countries where the company has a large presence.
"AFP is proud to recognize Marsh McLennan with the 2022 Pinnacle Award Grand Prize," said Jim Kaitz, president and CEO of AFP. "Marsh McLennan's solution proved that emerging technology can be used to replace manual processes, ultimately freeing up teams to deliver more value to the business."
MUFG donated
"MUFG is honored to partner with the AFP in recognizing companies for their excellence in treasury and finance," said Ranjana Clark, head of global transaction banking. "Marsh McLennan's entry demonstrates how an innovative approach can drive efficiency and enhance decision-making. We congratulate the Marsh McLennan team on receiving the Pinnacle Award, and we are proud to support their two charities of choice which focus on education and specialized care in the communities that they serve."
The runners-up for the Grand Prize were Comcast Capital Corporation and Oracle Cerner. Along with Marsh McLennan, these organizations were selected as finalists for their ability to demonstrate innovative solutions that advance not only their organizations but also the treasury and finance profession as a whole.
For press inquiries, please contact Melissa Rawak, managing director, at mrawak@afponline.org.
Headquartered outside of Washington, D.C., and located regionally in Singapore, the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. Established and administered by AFP, the Certified Treasury Professional and Certified Corporate FP&A Professional credentials set standards of excellence in treasury and finance.
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SOURCE Association for Financial Professionals (AFP)
