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As one of the largest financial services firms in northern Europe, this insurer sought to replace its existing financial accounting and profitability models to better support its growing organizational and regulatory needs.
Accenture helped implement a new accounting model based on SAP General Ledger Accounting, deployed SAP Business Planning and Consolidation and SAP NetWeaver® Business Warehouse, both on SAP’s in-memory HANA platform, and developed a HANA-based mainframe data-capture process.
The new accounting model and SAP implementation accelerated the insurer’s planning and budgeting processes, reduced business risk, streamlined reporting processes, enhanced performance management and improved audit-trail analysis by providing an integrated management and statutory reporting system with a rolling budgeting process, real-time reporting and enhanced analysis through the use of SAP HANA in-memory processing.
In a highly competitive climate, the insurer’s existing financial accounting and profitability models were not equipped to support its growing organizational and regulatory needs. To address these challenges, the insurer sought to:
Replace existing planning and consolidation tools.
Streamline budgeting processes to include qualitative and quantitative data.
Reduce processing times for month-end transfers of financial and risk data from the source system.
Automate time-consuming manual processes for monthly performance-management reporting.
Improve information transparency and analysis to better support decision making.
As part of a multidisciplinary team, Accenture helped:
Provide project management and business and systems integration consulting, from project initiation to go-live.
Implement a new accounting model based on SAP General Ledger Accounting to meet legal, regulatory and management reporting needs.
Develop a mainframe data-capture process powered by SAP HANA.
Run SAP NetWeaver® Business Warehouse for audit-trail reporting on non-SAP data.
Deploy SAP Business Planning and Consolidation for enterprise performance management (EPM).
With Accenture’s help and with the new accounting model in place, the insurer is now positioned to meet its organizational and regulatory needs with:
Accelerated planning and budgeting processes based on the real-time reporting of financial and non-financial information and instant insight into relevant data.
Reduced business risk through an integrated management and statutory reporting system and rolling budgeting process.
Streamlined reporting processes with common definitions, improved control and enhanced analysis capabilities.
Enhanced performance management, with allocations and projection calculations using in-memory SAP HANA processing.
Improved audit-trail analysis of non-SAP insurance data that is expected to give between 80 and 200 times the speed of the previous solution.
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