Sterling Life Insurance Co., headquartered in Bellingham, Wash., has selected a Maryland company to optimize its financial operations.

Owings Mills, Md.-based Chesapeake System Solutions Inc. is providing a suite of software solutions to the life insurer as part of a comprehensive treasury management strategy, according to a statement from the company.

Chesapeake’s T-Recs Enterprise is reconciling cash accounts and related cash-clearing accounts for Sterling Life, which also anticipates bringing on non-cash general ledger accounts in the future. Chesapeake’s SmartTreasury product is being used to retrieve daily bank account activity, analyze daily cash positions, initiate electronic cash transfers and prepare a daily feed of all cash activity for the insurer as well.

A third product, Chesapeake’s Unclaimed Property Compliance System, is managing claim payments made to health providers, returned policy premiums and accounts payable payments to vendors.

“T-Recs Enterprise allows us to streamline our processes, replace manual controls with system controls and provide more accurate oversight and review over the reconciliation process,” Marty Catron, Sterling Life’s vice president of finance.

Peter Volgelberger, CEO for Chesapeake, said financial governance, compliance and risk management present “formidable challenges to today’s corporations, whether national or global in operations.”

“Integrating sound business processes with technology is the only way to meet these requirements in a comprehensive, economical way,” he said.

Sterling is licensed in all 50 states and the District of Columbia, with more than 50 offices across the country. Sterling and its products are part of the Munich Re Group, one of the world’s larges reinsurers.