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Finance and Accounting Transformation: London Market

Xceedance devised and implemented an effective transition plan to streamline an international MGA’s finance and accounting processes while adhering to the client’s vision of transformation.

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An international MGA with a focus on the London market wanted to strengthen its insurance-oriented capabilities and optimize the chief financial officer’s financial accounting and reporting processes. With this objective in mind, the MGA transitioned its financial closing, underwriting support, and MIS reporting to Xceedance to design, structure, and execute a streamlined transition plan that would not encumber end-of-quarter reporting. 

The Xceedance team comprised highly skilled professional accountants with robust international experience in the property & casualty insurance markets. The team oversaw the MGA’s cash management, treasury, expense reporting, and accounting functions. Additionally, Xceedance utilized a phased transition approach with clearly defined roles, responsibilities, deliverables, and related activities for each phase. This was followed by establishing standard operating procedures for each activity. The project was unique in that the team had to deal with competing client priorities. Xceedance was well-positioned to accelerate the transition process because of an in-depth understanding of the corporate culture, customer base, the London market, and the transactional lifecycle of the client. However, a lack of process documentation, challenging deliverable timelines, and knowledge gaps created challenges.

The Xceedance team established a single source of truth aligned with the client’s predetermined objectives, helped achieve consistent operational performance, and facilitated business continuity. The superior business outcomes set the path for a strong ongoing relationship with the client for the foreseeable future.

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