Streamlining an insurance holding company's back-office processes
KPMG helped the company improve finance and HR processes and then implement Workday technology to enable broad transformation.
Client
An insurance holding company
Sector
Financial services
Project
Finance transformation enabled by Workday technology
Client challenge
Our client wanted to put time on its side. Over the years, various manual processes had created long financial close cycles and introduced challenges for meeting regulatory and public reporting requirements. This publicly traded company wanted to speed up its financial close process, ability to file timely financial statements, and delivery of financial information to senior management. In addition, the business wanted its finance system to support future dynamic growth.
We believe in an approach that is aggressive; leverages the latest industry, functional, and technical knowledge; and completes implementations quickly and smoothly.
Approach
This insurance company had been using an outdated system for its financial reporting and human-capital management processes, resulting in long close times and challenges meeting regulatory and public reporting requirements.
Our client initially engaged us to identify opportunities for improving its processes. Once the company decided to implement a cloud-based solution, the client asked us to help it select a vendor. Our contributions included:
1
developing an end-to-end transformation road map
2
providing a recommendation for a cloud-based financial solution
3
assisting in the full design and implementation of new processes and a new Workday system that included financials, core human resources, financial accounting, supplier accounts, business assets, purchasing, and banking and settlement applications.
Benefits to client
This company engaged KPMG LLP (KPMG) to identify opportunities for improvement. As a result of our analysis, the firm decided to implement Workday’s enterprise cloud-based application, designed to manage complex operating environments. In addition to the financial application, the company also implemented Workday’s human-capital management application to capture the system’s full value for its staff. The transition to Workday’s cloud-based system resulted in:
1
the automation of manual journal entries
2
reduction in the time for the financial close
3
increased ability to provide management reporting
4
enhanced user experience with the periodic delivery of new functionality
5
more transparency and oversight around core processes
6
improved self-service process and work flow
7
reduced support and maintenance costs
KPMG Insights
-
Collaboration is critical
A close partnership between KPMG and the client is crucial for a successful implementation. The client must participate fully in the process, with KPMG providing direction, expertise, experience, insights, and assistance. -
Be passionate and flexible
Implementing a major system transformation requires passion, developing relationships built on trust, a commitment to success, and the ability to seamlessly adapt to changes in scope. -
Be practical and action-oriented
Businesses have expectations to meet and clients to serve, so we believe in an approach that is aggressive; leverages the latest industry, functional, and technical knowledge; and completes implementations quickly and smoothly.
Meet the team
Sonia Daris
Managing Director, Enterprise Solutions, KPMG US
Sonia Daris
Managing Director, Enterprise Solutions, KPMG US
NOT FINDING WHAT YOU ARE LOOKING FOR?