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Integrating and Standardizing Financial and Regulatory Reporting Data
 
 

Xceedance sets up system workflows to integrate and standardize financial data for a global insurer.

The Problem

The service provider began doing business from different geographies at different times and, as a result, faced operational challenges due to scattered financial data. Since each business had to follow region specific regulatory requirements, the reporting data was developed to meet
local needs and not standardized across the enterprise.

The Xceedance Approach

The Xceedance team started the project by taking a deep dive into the company’s upstream processes to understand the data flow, and to assess front end systems and data control points, availability, integration, and validation from source files. The goal was to understand the flow of
various elements of underwriting accounting (premium, commission and claims data), sub-ledgers, and the general ledger. After conducting a thorough analysis, Xceedance recommended that, given the high levels of complexity in the data, there was a need to streamline the inputs from system workflows.

Proven Results

With support from Xceedance, the service provider realized multiple improvements, including:

  • Complete adherence to turnaround time and compliance requirements
  • Working files redesigned to comply with local country reporting and audit requirements
  • Improved access to all financial data, including support data for regulatory reporting and audit purposes
  • Managers gained the time necessary to analyze business results and take corrective action in real-time.

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