Accenture Helps French Reinsurer SCOR to Transform Its Finance Function With ServiceNow
January 14 2020 - 12:59AM
Business Wire
Digital workflow management enables leading
reinsurer to improve user experience for finance employees
Accenture (NYSE: ACN) and ServiceNow have helped SCOR, one of
the world’s largest reinsurers, to transform its internal finance
function by digitizing key business processes to improve workflow
management and enable real-time reporting.
Previously, many key processes within the finance function,
including the quarterly-close process, were conducted manually,
using spreadsheets, email and the telephone. This posed a great
challenge, given the complexity of managing processes across the
company’s more than 100 legal entities spread across six
continents.
As part of its work, Accenture helped SCOR implement
ServiceNow’s Service Portal and Now Platform® as the underlying
technology enabling the transformation and simplifying critical
business functions. The new system currently handles approximately
30 key finance processes, some of which integrate robotic process
automation. The automation has reduced the workload of some
processes by as much as 40 days per year.
As a result, employees can spend more time on business-critical
functions rather than on labor-intensive administrative tasks. The
digitization 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.
Key finance tasks that are now fully automated include:
- entity sign-off for quarterly reporting (including the
operating entities, the entities’ chief financial officers, and
auditors, among others);
- financial adjustments at the quarter-end closing process,
including audit trails; and
- bi-weekly intra-group transactions, enabling the company to
collect sign-offs and better facilitate audit trails of
transactions.
Employees can also access a 24/7 online portal that serves as a
central resource for submitting requests and changes
electronically. It includes digital dashboards, which give finance
and other staff real-time visibility into the status of each
financial process and document and, where appropriate, the ability
to provide the necessary sign-off.
“We at SCOR foresaw how ServiceNow could help us achieve the
‘spreadsheet-free’ vision for our finance function,” said Marc
Henry, head of finance systems, process & controls, and
projects at SCOR. “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.”
Ciaran Cosgrave, managing director and ServiceNow practice lead
for Europe at Accenture, 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.”
Accenture was recently ranked No. 1 in a list of top ServiceNow
providers by leading industry analyst firm HFS Research, which
cited Accenture’s global capability to innovate and deliver with
high customer satisfaction.
About SCOR
SCOR, the 4th largest reinsurer in the world, provides insurance
companies with a diversified and innovative range of solutions and
services to control and manage risk. Using its experience and
expertise (“The Art & Science of Risk”), SCOR provides
cutting-edge financial solutions, analytics tools and services in
all areas related to risk – in Life & Health insurance
(longevity, mortality, LTC, etc.) as well as in P&C insurance
(natural catastrophes, agriculture, industry, transport,
engineering, etc.).
SCOR, under the leadership of Denis Kessler became one of the
world’s largest reinsurers with 15,3 billion € of premiums received
in 2018. These revenues place this French top tier reinsurer in 4th
position worldwide.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions — underpinned by the world’s largest
delivery network — Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With 505,000 people
serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
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between Accenture and the lawful owners of such trademarks.
Copyright © 2020 Accenture. All rights reserved. Accenture, and
its logo are trademarks of Accenture.
ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks
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Natalie de Freitas Accenture +44 7380 799 196
natalie.de.freitas@accenture.com
Mylissa Tsai Accenture +1 617 470 8018
mylissa.tsai@accenture.com
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