Integrating and Standardizing Financial and Regulatory Reporting Data
Xceedance enabled a P&C insurance provider with global operations to establish system workflows for integrating and standardizing financial data, facilitating timely regulatory reporting.
The insurer’s operations were spread across various geographies, which created challenges related to scattered financial data. Further, every business unit adhered to regulatory requirements specific to their particular region resulting in a lack of standardization across the enterprise. The challenges were exacerbated by inconsistencies in system workflows, making it difficult to gather data inputs from disparate locations. As the insurer’s data needs continued to evolve, it began exploring ways to optimize financial data standardization and integration while ensuring data reliability and accuracy. It was also looking to improve the maintenance of documentation for audit and compliance purposes.
The Xceedance team sought to address the challenges by first understanding the insurer’s upstream processes, including the data flow, the front end systems, data control points, integration, availability, and validation from source files. The team recognized the need to streamline the inputs from system workflows due to a high degree of complexity in the data. The team defined input timelines, established checkpoints to ensure data integrity, and designed input formats while considering reporting requirements. This was followed by cleaning the data and developing data sets that could be sourced for reporting purposes. The Xceedance team simplified the data gathering process, augmented the data validation processes at multiple stages, and instituted efficient processes to facilitate data integration for audit reports. The team also built a reconciliation system to enable data integrity from front-end systems to sub-ledgers and the general ledger. The insurer witnessed adherence to turnaround time and compliance requirements, improved access to financial data, and timely access to critical data to facilitate decision-making.