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Reimagining and redesigning a major finance process

Global Reinsurer


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.
reduction to close period reporting
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