Financial Process Re-engineering
Re-engineering financial processes and systems at a FTSE 100 worldwide insurance player
Client Business Issue
The Insurance Company wanted to re-engineer significant European-wide financial processes and systems. The current processes and systems were unable to meet future business requirements and a major corporate restructuring was required to exploit operational efficiencies. The ensuing changes helped to deliver improvements to all business processes, especially in the areas of Underwriting, Claims and Finance.
Value Received by the Client
Watertrace leveraged its insurance industry expertise to identify process improvements across the entire organisation, driven by a systems change initiative. Our prior knowledge enabled us to provide a detailed depiction of the future state to the individuals involved in each process, to facilitate consensus from all key business units and users. This ownership of the re-engineered processes created a seamless transition between the systems, which delivered the systems objectives.