The challenge
Our client, a leading global reinsurer, wanted finance to help them look forward as a business by repositioning reporting as a tool to drive business decisions, rather than just Compliance.
They set an ambitious goal of reimagining established finance processes to deliver a 90% reduction to close period reporting.
As finance leaders and actuaries within an insurance firm, our clients were sceptical and naturally risk-averse - it was our job to help them break free and recognise the art of the possible to deliver a step-change in their processes and ways of working.
What did we do?
- We set out to answer the question: ’How do we reimagine finance processes to accelerate and significantly enhance financial reporting?’
- We brought 120 representatives from the global finance ecosystem together for a 3-day intensive Co-Lab.
- Participants included Group CEO, COO & CFO, BU CFOs, business leaders, actuaries and key ecosystem partners, including SAP & EY.
- We ran a huge LEGO process simulation as a breakthrough energiser, opening up their minds to where and how processes can be improved.
- From that level of understanding and acceptance we were able to re-imagine and re-design the financial close process to achieve the 10x improvements they were looking for.
What was the impact?
- Designed a valuation standardisation solution that could be implemented globally as a key accelerator.
- The solution we created in the CoLab has become a global standard for valuations.
- Financial reporting is now faster and has transformed the data it delivers to allow business decision making over and above reporting requirements.
- We continue to help them advance the tool by designing the right operating model to support global roll-out internally as part of a wider finance transformation.
90%
reduction to close period reporting
