Leveraging the expertise of a highly specialized team, Xceedance revamped the client’s finance and accounting function for greater transparency and optimized reporting within a short period.
A global insurer was utilizing the services of an outsourced partner for its finance and accounting processes. The insurer was contending with several challenges in this respect, such as high costs. Additionally, the outsourced partner used local accounting tools, which created issues during the consolidation of international reports. The client was seeking a partner that would help reduce costs and help the insurer develop the necessary skill set to scale its business lines over the long term. Devising a robust and long-term solution would require a detailed understanding of the client’s processes within a short period and ongoing support for quarter-end closing processes.
A highly qualified and experienced team of accountants with deep knowledge of international regulatory frameworks and reporting requirements from Xceedance devised a robust solution set for the client. The team developed a strong understanding of the reporting requirements relevant to the insurer’s processes, including specific and nuanced precedents. Since the insurer lacked prior process documentation, the team was required to put process manuals in place while also learning the process flows of the client. The team integrated task automation wherever possible; for instance, they built a database to streamline the calculation of premium earnings. Xceedance deployed a controlled transition plan to execute deliverables in phases. Travel expenses and accounts payables were transitioned in Phase 1, which resulted in a 21% savings in overall cost. Regulatory reporting, balance sheet reconciliations, and general ledger accounting were transitioned in Phase 2. By the end of Phase 2, the client accrued overall cost savings of 43%.