Case Study

Insurance finance re-engineering: Addressing the operational risk of activities reliant upon Excel 

Digital & Automation | Insurers | London

The Background

  • Extensive reliance on Excel spreadsheets and e-mail to drive critical Finance processes resulting in escalating operational costs and increasing errors

  • Excel spreadsheets containing both critical business knowledge or operating knowledge in the heads of the people responsible for running 

  • Critical path of multiple processes driven by Excel causing time overheads  

The Challenge

  • Multiple years of evolution and hand-overs between individuals resulting in loss of organisational understanding of key processing activities  

  • Operational issues rising due to increasing volume and complexity failing within spreadsheets and manual moving of data around the organisation 

  • Strategic solution for resolving critical business problems at least 2 years out

  • Lack of transparency, repeatability and audit trail for manual Excel runs ever increasing issue

The Approach

  • A finance rapid response team was set up supplemented by 2 of our Alteryx Designer Certified consultants to implement Alteryx process maps to eliminate the spreadsheets
  • Individuals volunteered processes for onboarding to Alteryx which were prioritised by the complexity, payback period, compatibility with the target state, and delivery timeline for the target state

  • The consultants worked in parallel with the internal team to both mentor and train whilst putting in place best practice for stable future operations

The Impact

  • Specific business outcomes reducing multiple processes consuming hours per week down to automated processes overnight, ½ day removed from month end close by automating FX checks, P&L leakage eliminated through not having to prioritise possible claims / credit actions and being able to cover all

  • Upfront data quality checks short-cutting identification of bad submissions and avoiding considerable rework

  • Engagement benefits from upskilling of the existing team

  • Cultural change to continuous improvement and rapid delivery of outcomes

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