The insurer engaged Genpact to help restructure its whole approach to F&A, starting with evaluating a tool for close and reporting of accounts.
We started by working with the client to understand its target operating model and then analyzed a number of F&A technology solutions. Based on our findings, insurance market, and digital expertise, we recommended that the client should implement BlackLine, a cloud-based continuous accounting solution that makes use of configurable artificial intelligence-powered automation.
But in order for BlackLine to work effectively, we needed to restructure the F&A function. So we set up an F&A center of excellence to run standardized and centralized processes. And then we developed and implemented a plan to roll out the solution, onboard and train staff, and fully implement the technology.
When it came to the BlackLine implementation, we started by rolling out the task module, including month-end activities listing, external reporting task listing, and downstream workflow design. This solution has allowed the company to move from an Excel-based close calendar to an online close calendar with visibility across the company and real-time tracking capabilities. Employees now have defined accountabilities and a review checklist for end-of-month close activities, as well as enhanced metrics reporting to enable customized reports for the business' requirements.
Following this, we engaged with the company's finance leadership to improve the controls for balance sheet reconciliation and rolled out the account module, including bank reconciliation and technical balance sheet reconciliation. The insurer now sees the real-time status of account reconciliations across its entities and accounts are auto-certified using configurable rules – an outcome that has improved efficiency.
We've now expanded the use of BlackLine to manage repetitive deliverables in other areas such as payroll and benefits and tax and have gone from 80 initial licenses to over 150.