Reinsurer SiriusPoint Rapidly Streamlines Financial Management
SiriusPoint (NYSE: SPNT) is a global underwriter of insurance and reinsurance providing solutions to other insurance companies in the property and casualty and accident and health space. An amalgamation of two companies that merged in 2021, SiriusPoint is headquartered in Bermuda with offices in New York, Stockholm, and London. As is often the case after a merger, the combined company found itself with disparate systems, inaccurate data, and too many manual processes.
From Day One, SiriusPoint set out to find a better way of managing its financials and to deliver greater ease and efficiency to its stakeholders and customers. Impressed by Workday’s ability to support its short-term goals as well as long-term plans, SiriusPoint embarked on an ambitious nine-month implementation of Workday Financial Management.
SiriusPoint Insurance shares the story of their Finance Transformation.
Unifying people, processes, and systems:
The challenge
SiriusPoint sought to unify its data, shorten its close times, and eliminate manual processes, all within a bold, accelerated timeline. As a publicly traded company, it also needed to manage relationships with regulators in over 10 countries around the world.
Accelerating time-to-value:
The solution
To make rapid strides toward its financial management goals, SiriusPoint turned to the Deloitte Insurance Accelerator for Workday Financials, a targeted packaged of business intelligence tools, data models, and advanced capabilities focused specifically on the data challenges faced by insurers. The implementation team also tapped into local Deloitte resources to help navigate the regulatory nuances in different countries.
Informing value creation:
The impact
SiriusPoint went live on Workday Financials in only nine months. Enabled by automation and leading practices embedded in the Workday platform, the company went from five general ledgers down to one, significantly shortened its close processes, and empowered its people with better data for making informed decisions.
The implementation required a talented partner, and we ultimately landed on Deloitte given their global reach, knowledge, and presence in the insurance industry.
