Insurance F&A Transformation

L&A insurers: Transform finance and accounting to uncover hidden enterprise value

Everest Group positions Genpact as a leader in finance and accounting services. Read more

Life and annuity insurance CFOs have a lot on their plate, but there's a definitive path forward

CFOs in L&A insurance face challenges like evolving regulations, inflation, and technological disruption.

To address these, they must transform the financial management architecture, focusing on streamlining reporting, driving growth, enabling digitalization, and operational excellence.

A holistic approach is key, making finance a strategic partner. Genpact offers tailored solutions for this end-to-end F&A transformation.

Unburden your finance team from transactional tasks to deliver insights that drive growth and guide major business decisions.

Define the vision

Our zero-based design approach starts with a clean slate, aligning finance organizational design with strategic priorities to reimagine the business, reset costs, and free up funds. It begins with workshops to define the vision, assess the current state, and identify the ideal future state. A case for change is then established, followed by mapping the finance transformation process and setting up a global program office to oversee and direct the transformation.

Design the business architecture

Then, we map out the design of processes, policies, and controls, as well as the service delivery model. We enumerate the business requirements and build the business architecture around them, including data architecture and digital systems architecture design.

Implement the finance target operating model

Next, we implement the refined operating model and complementary solutions across your finance processes, end to end. We manage innovation programs, transition work into purpose-built global business services (GBS) centers of excellence, and modernize global delivery across the board.

Enhance enterprise performance management, including FP&A

After that, we improve all aspects of finance performance management – such as report rationalization, cost allocation optimization, performance reporting and scorecards, zero-based budgeting, forecasting, and finance analytics – with IP frameworks and processes. Following this step, you will understand exactly how you're working and what you can do to improve it.

Leverage advanced technologies, AI, and analytics

We use advanced technologies to transform your financial operations to drive growth. For example, we implement intelligent finance automation to speed up work and minimize errors. With AI, we collect data and generate management and statutory reports up to 50% faster. We apply machine learning to finance processes to derive game-changing insights from your data. And we build dynamic workflows to orchestrate processes so your best people are working where they're needed, when they're needed.