Global Insurer: Finance Transformation

This global insurance provider is in the midst of a global finance transformation program and is embarking on multiple projects over the next four years to transform its financial reporting and operations.

Accenture teamed with the insurer to deploy a common financial platform (CFP) solution, establishing a standard set of financial process for an important subsidiary, based on a single, standard SAP general ledger, consolidations, accounts payable, fixed assets and reporting platform. The new CFP solution has been successfully used by the domestic businesses to close the fiscal year and is providing a platform to continue to transform the organization’s finance business processes.

This Global Insurance Provider is in the midst of a global finance transformation program and is embarking on multiple projects over the next four years to transform its financial reporting and operations.

Accenture led the successful implementation of the first major deployment of the finance transformation program, providing the backbone for future global roll-outs to the remaining countries.

With the delivery of the finance transformation projects, the insurer can expect the following benefits:

• Standardization of finance processes and enablement of shared services

• Significantly increased set of controls and associated data integrity to increase the confidence in results and integrity of reporting

• Automation of equity pick-up, consolidation entries and elimination entries to reduce manual errors and accelerate consolidation timelines

• Revision of the consolidation model to promote close acceleration by deferring processes associated with disclosures to non-peak periods

• Interfaces between business unit general ledgers and the corporate consolidation tool will streamline the submission process and reduce manual errors

• A common financial language across business units will standardize and simplify interfaces and enhance internal and external reporting capabilities

Accenture has worked closely with the client to define its finance vision, target solution and road map. From January 2009 through November 2010, Accenture teamed with the insurer to deploy the common financial platform (CFP) solution, establishing a standard set of financial process for an important subsidiary, based on a single, standard SAP general ledger, consolidations, accounts payable, fixed assets and reporting platform. The new CFP solution has been successfully used by the domestic businesses to close the fiscal year and is providing a platform to continue to transform the organization’s finance business processes.

Accenture led the successful implementation of the first major deployment of the finance transformation program, providing the backbone for future global roll-outs to the remaining countries. Accenture was recently selected to support the insurer across its subsidiary and corporate division to provide deployment leadership and support services for the subsequent phases of the transformation program, including:

• Global rollout of the Common Financial Platform in Latin America, Asia-Pacific and the Middle East. The first wave is planned to go live in Latin America in late 2011 with deployment to 50 countries globally by mid-2013.

• Corporate consolidation, with a multiphase program to consolidate additional dimensions of data that support and enhance reporting capabilities, in order to reduce lengthy financial consolidation cycles by over two weeks, enabling the insurer to submit earnings reports in a more timely and competitive manner.

• Global data factory, leveraging Accenture’s Insurance Data Migration Factory in Paris, bringing a systematic approach for data profiling, cleansing and conversion as part of the subsidiary’s global data quality initiative.

• Finance capacity services, utilizing a flexible capacity model leveraging offshore personnel to provide technology and business analysis skills for smaller ongoing projects.

With the delivery of the finance transformation projects, the insurer can expect the following benefits:

• Standardization of finance processes and enablement of shared services.

• Significantly increased set of controls and associated data integrity to increase the confidence in results and integrity of reporting.

• Automation of equity pick-up, consolidation entries and elimination entries to reduce manual errors and accelerate consolidation timelines.

• Revision of the consolidation model to promote close acceleration by deferring processes associated with disclosures to non-peak periods.

• Interfaces between business unit general ledgers and the corporate consolidation tool will streamline the submission process and reduce manual errors.

• A common financial language across business units will standardize and simplify interfaces and enhance internal and external reporting capabilities.