By leading a multi-year, multi-vendor effort, Virtusa helped re-imagine the core financial IT services for one of the world’s largest mutual life insurance companies—and set the stage for organization-wide digital transformation.
The ChallengeNot prepared for the challenges and opportunities that the digital environment presented.
Our client faced significant operational and financial drivers to transform its operations. Conservative investments in the past challenged their ability to meet competitive and regulatory changes—and they were not prepared to meet the challenges and opportunities that the Digital environment presented.
Our customer’s leadership embarked on a visionary plan to transform the organization, but after a series of unsuccessful starts, they turned to Virtusa for our technology expertise and our successful track record in transforming global organizations in the insurance industry.
The SolutionInnovative and adaptive solutions
Virtusa re-imagined the finance landscape to address root cause issues—and build a sustainable platform for long-term growth. We implemented a cloud-based SAP HANA and analytics platform. Key components included:
- Financial data hub to centrally orchestrate data integration
- Integrated financial data model linking systems to standardized business processes
- Financial data warehouse and analytics engine that serves as a single source for finance data, reporting, analytics, and business intelligence
- General ledger operational transformation eliminating non-value added steps through automation
- Advanced visualization using dashboards and actionable insights to achieve key performance metrics
- Modernizing application and data including cloud migration and improved customer experience
The BenefitThe stage is set for organization-wide digital transformation
Virtusa successfully implemented core financial systems and analytics capabilities that set the stage for organization-wide digital transformation. Improvements included:
- Transformation achieved through process optimization, automation and self-service
- Improvement in agility and controls to support enhanced regulatory reporting and disclosures
- Improved analytics to measure all requirements for performance management and financial reporting
- Improved data governance and quality