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Modernising your systems to adapt to change.

Introducing the Deloitte Insurance Accelerator 

Ageing 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 optimising 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 tenet designed specifically for the insurance industry.

What it is

InsureAcceleration comprises several components:

  • A preconfigured Workday Financial Management tenet on a cloud platform
  • Leading insurance-specific processes with embedded, intelligent automation 
  • Pre-built insurance-specific calculations
  • A proven implementation approach based on client experience and leading practices for large and mid-sized (re)insurers. 

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, organisations can quickly streamline their financial processes and enhance their capabilities across:  

  • Close and consolidation
  • General accounting 
  • Transactional finance
  • Expense tracking
  • Analytics and reporting
  • Financial planning 
  • Audit and internal controls

InsureAcceleration offers a practical path forward for companies that need to quickly move off their ageing 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.

From revamping and optimising deferred-acquisition-cost amortisation schedules to calculating unearned premiums, Deloitte has the insurance-industry know-how to expedite your modernisation efforts. 

Our accelerator is backed by extensive on-site experience and subject-matter insight that others can’t match. 

  • Deloitte works with over 90% of the top insurers.
  • We serve over 80% of the top reinsurers.
  • We have 7,400+ insurance professionals globally. 
  • Our multi-disciplinary approach brings together specialists in actuarial, risk management, strategy, operations, technology, tax and audit.
  • Deloitte is the leader in complex Workday implementations across property and casualty, life and annuity and reinsurance.

How it works 

The accelerator employs a demonstrated methodology for streamlining the Workday implementation process and facilitating digital transformation:

  • Deloitte developed a comprehensive set of proven processes, data models and workflows specifically for (re)insurers. 
  • This pre-configured tenet environment enables users to view and better understand how the final solution will operate.
  • A persona-based process design focuses on enhancing the user experience and value-added activities.
  • An industry-informed, insights-driven data model supports enhanced, real-time decision making.

The Accelerator is essentially a hands-on prototype. It showcases how Workday’s cloud-based solution can be leveraged to run and optimise 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.

A speciality property and casualty insurer had grown over its 150-year history to generate $8 billion in annual revenue with operations covering multiple industries in the U.S., Canada, Mexico and several European countries. This success, however, also bred complexity.  With operations spanning 115 companies and several lines of business, the organisation needed a way to streamline and modernise its capabilities in financial management as well as financial planning and analysis (FP&A). 

With the help of the Workday Insurance Accelerator, the Deloitte team implemented Workday Financial Management and Workday Adaptive Planning to accomplish the company’s goals. In addition to Workday Adaptive Planning, the scope of the solution included the following Workday Financial Management modules: Financial Accounting, Financial Reporting, Banking & Settlement, Expenses, Procurement, Supplier Accounts and Assets.

Working closely with the insurer’s leadership, the Deloitte team developed a Workday-enabled solution that: 

  • Provides consolidated financials for all 115 companies—replacing core financial systems for 111 out of 115 companies and ingesting the results of the remaining four to create an enterprise-wide solution.
  • Replaces the legacy, manual allocation process, accomplished by creating over 1,500 allocation definitions in Workday.
  • Reduces licensing and maintenance costs by replacing multiple legacy applications.
  • Automates and standardises the spend-approval process.
  • Consolidates banking and cash management across the organisation. 
  • Integrates with key suppliers.
  • Offers access to details on transactions (e.g., premiums, claims and commissions) by giving users the capability to drill back from summarised journals in the Workday ledger.
  • Supports regulatory and management reporting of historical accident data from the same source as financial data. 
  • Provides an always on, always up to date FP&A platform that transforms the entire budgeting and forecasting process, including workforce planning, revenue forecasting and operational expense budgeting.
  • Introduces industry-leading forecasting practices, models and standardisations across lines of business.

In addition to these accomplishments, the project team blazed a new trail by implementing Accounting Centre, including Prism Analytics, as an early adopter. This involved ingesting, enriching and summarising transactional data from over 30 sources for posting to the ledger and providing drill-back capabilities for reporting. The team also built a holistic allocation engine that centralises forecast and actual allocation logic in a single place for ease of maintenance and enhancement.

While the solution helped this speciality property and casualty insurer to navigate its unique form of complexity, the innovations it spawned can now be used to help insurance organisations to transform their finance organisations and to gain the insights and agility needed to optimise and adapt.

Experience it today

Whether your business is facing ageing 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 to modernise your systems and adapt to change. 

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