Leading Reinsurer Reduces Monthly Planning and Budgeting Process Cycle Time

Client

Our client is a global professional service firm with businesses in insurance brokerage, risk management, reinsurance services, investment advisory, and management consulting.

Challenges

• On-premise application was used as a bottom-up approach to input the numbers manually, using offline excel templates.
• On-premise workforce application query performance was inadequate, and calculation for a given employee took a long time.
• Users were submitting Capex numbers using an offline excel template.
• Workforce planning by the department was done manually using an offline excel file.

LTM Solution

• 19 Planning Applications were optimized and migrated to nine Enterprise Performance Management (EPM) cloud applications by LTM
• Driver-based planning: Implemented Driver-based planning and forecasting to allow the regional planner to forecast numbers on parent members. Automation built for removal of manual intervention in correcting duplication of dimensions in HPCM applications
• LTM enabled two-year rolling forecasting through process automation
• Reduced consolidation and close cycle from three weeks to two weeks with advanced dashboard, automated task scheduler, and process management in EPM cloud
• Application Performance: All the member formula have been converted and rewritten in calc manager rules for the workforce module.
• Capex planning is now directly integrated with EBS Fixed Assets, eliminating manual effort
• Enabled integration with Workday (HCDM) to eliminate the manual effort

Business Benefits

• Improved metadata automation by 20%.
• Reduced the data storage issue and calculation time by optimizing storage from 250 GB to 20 GB.
• Improved data security through streamlined and encrypted integration models by 25%.
• Reduction of the workforce planning process from 180 mins to 15 min.