Prior to the transformation, SCOR’s key processes within the finance function, including the quarterly-close process, were conducted manually by spreadsheets, email and telephone. As a result, managing the company’s 100 legal entities across six continents posed as a challenge.
The underlying platform is now ServiceNow’s Service Portal and Now Platform.
This new system enables the transformation and simplification of critical business function and handles approximately 30 key finance processes, including robotic process automation. The automation reduced the workload by as much as 40 days per year.
More time is now spent on business–critical functions versus labour-intensive administrative tasks.
The digitisation and consolidation of disparate actions into a single process also improves the auditing process and enhances data security – enabling the company to reduce risk, improve transparency and enhance the user experience for finance personnel.
Fully automated tasks include: entity sign-off for quarterly reporting, financial adjustments at the quarter-end closing process, including audit trials and bi-weekly intra-group transactions.
Requests and changes can be made electronically through a 24/7 online portal. Features include a digital dashboard that gives finance and other staff real-time visibility into the status of each financial process and document, and also provide necessary sign-off.
SCOR’s head of finance systems, process & controls, and products, Marc Henry, said: “We at SCOR foresaw how ServiceNow could help us achieve the ‘spreadsheet-free’ vision for our finance function. With its ServiceNow expertise, Accenture has been a valuable partner in helping us build that vision in order to boost productivity, improve how our people work and increase employee satisfaction.
“Our customers and employees have felt the positive impact of our new state-of-the-art finance function, visible audit trails and real-time reporting capabilities. Our finance transformation is motivating us to continue evolving our business with emerging technologies.”
Accenture’s managing director and ServiceNow practice lead for Europe, Ciaran Cosgrave, said: “Reinsurers that deal with significant, complex financial transactions are actively embracing new technologies and modernizing processes. By helping SCOR transform processes using some of the latest digital technologies, we’re also enabling employees to gather meaningful insights generated from robotics and automation. Relieving SCOR’s workforce of burdensome administrative tasks will help the company compete more effectively in today’s data-driven economy.”