Introducing the Deloitte Insurance Accelerator
Aging applications and infrastructure, slow and inefficient processes, stiff competition, and shifting customer demands are all coalescing to create a burning platform for insurance companies. The challenge is to adapt to change today or risk being irrelevant tomorrow. However, many companies are unsure about how to transition into the new age of finance and if implementing a flexible cloud-based system is an option for optimizing their complex businesses. Based on our extensive cloud-implementation experience and deep industry knowledge, Workday has invited us to develop an innovation that illuminates the path to digital transformation for today’s (re)insurers—a pre-configured Workday Financial Management tenant designed specifically for the insurance industry.
What it is
InsureAcceleration comprises several components:
What it delivers
InsureAcceleration provides a highly secure, modern cloud platform for transaction processing, accounting, reporting and analysis. Because it houses claims and premium data along with GL actuals all in one system, it enhances data quality, enables real-time KPIs, and supports informed decision-making within the Office of the CFO. With the Accelerator, organizations can quickly streamline their financial processes and enhance their capabilities across:
InsureAcceleration offers a practical path forward for companies that need to rapidly move off their aging platforms. It also addresses the concerns of decision-makers who are intrigued, yet are still uncertain, about the ability of a cloud-based financial system to meet the needs of their complex businesses.
How it works
The accelerator employs a demonstrated methodology for streamlining the Workday implementation process and facilitating digital transformation:
The Accelerator is essentially a hands-on prototype. It showcases how Workday’s cloud-based solution can be leveraged to run and optimize an insurance business, and through leading practices and pre-built data models, it demonstrates how other insurers are solving for the industry’s unique challenges.
Experience it today
Whether your business is facing aging mainframes, margin pressures, competitive challenges, customer demands or shifting regulatory changes—or perhaps all the above—the Deloitte Insurance Accelerator, powered by Workday Financial Management, can help you modernize your systems and adapt to change.