The Challenge:
A leading insurance company was facing a complex financial landscape. Their retirement division utilized SAP FICO and Ridali’s consultant supported across eight departments, while the life insurance division was undergoing a new SAP rollout. This meant managing a patchwork of systems and processes, ensuring data accuracy across the organization, and supporting a diverse range of users.
The Solution:
Our team stepped in to provide comprehensive financial management expertise.
- SAP FICO Champion: Ridali’s Consultant became the backbone of the insurance company’s financial operations. We maintained and monitored interfaces, ensuring seamless data flow across eight departments – from user-level to actuaries, VPs/Controllers, and with other critical systems like Navisys, Vantage, and Commissions.
- Policy Accounting Validation: We ensured the accuracy of policy accounting throughout the entire lifecycle, from initiation and accumulation to payout and cancellation. This included meticulous validation of premiums, commissions, fees, taxes, and other financial considerations.
- SOX Compliance Partner: We played a vital role in supporting SOX compliance for both internal and external auditors. We extracted and provided relevant financial information, ensuring complete transparency and facilitating a smooth audit process.
- Navisys Integration Expert: Our team provided full support for the QA team analyzing data in Navisys. We validated the accounting accuracy of policies and actively participated in a major “Payout” project, configuring accounting processes in both Navisys and SAP.
- Authorization & Control Champion: We maintained tight control over financial processes by managing authorization sets for journal entry postings, controlling posting periods, and ensuring proper General Ledger account maintenance.
The Results:
The insurance company experienced a significant improvement in their financial operations:
- Improved Efficiency: Streamlined workflows and automated processes led to better operational efficiency, reducing manual errors and saving valuable time.
- Enhanced Accuracy: Our rigorous validation procedures ensured the accuracy of financial data, leading to greater confidence in reporting and analysis.
- SOX Compliance Made Easy: Our support for SOX compliance ensured smooth audits and reduced compliance risks.
- Unparalleled User Support: From actuaries to controllers, we provided comprehensive support for users across all eight departments.
Conclusion:
By combining deep financial expertise with strong technical skills, we deliver exceptional results for our clients. This success story demonstrates our ability to empower companies in the insurance and financial sectors to achieve operational excellence and navigate complex technical landscapes.