Xceedance empowered a global insurer to transition its finance and accounting workflows from an external outsourced partner to an in-house team reducing costs and driving business growth.
A global insurer in the ANZ region had outsourced its finance and accounting functions to an external service provider, utilizing local accounting tools. This created several challenges by way of additional costs and a lack of consolidation concerning international reports and accounts. The insurer wanted to establish best practices across the F&A function and institute an end-to-end reporting application covering external and internal reporting processes. To cater to these specific objectives as defined by the client, Xceedance built a team of accountants and finance experts with deep expertise in regulatory reporting, accounting frameworks, and U.S. GAAP. The team devised a phased transition plan to be executed over two years.
Phase one was completed in less than four months and involved the successful transition of travel and entertainment expenses and accounts payable items. Phase two was successfully executed in less than seven months and required the transition of balance sheet reconciliations, general ledger accounting, U.S. GAAP, and regional regulatory reporting requirements without encumbering deliverables for the quarter-end. The team built an M.S. Access database to allow the insurer to compute premium earning calculations. Besides establishing benchmarks to enable regulatory compliance and robust governance, we automated and simplified existing processes and ensured that data reported monthly was accurate and consistent. We helped the insurer achieve faster turnaround times for various finance and accounting processes and reduced F&A costs by 52 percent.