SCOR has improved the efficiency of its internal functions by utilising technology from professional services firm Accenture, which has enabled the reinsurer to automate financial processes, among other benefits.
Previously, many of SCOR’s key processes within the finance function, including the quarterly-close process, were conducted manually, using spreadsheets, email and the telephone.
As part of its work, Accenture helped SCOR to implement its ServiceNow’s Service Portal and Now Platform to improve critical business functions.
The new system currently handles 30 key finance processes, and has reduced the workload of some processes by as much as 40 days per year thanks to integrated robotic process automation.
In addition to saving time, the digitisation and consolidation of actions into a single process should improve the auditing process and enhance data security.
Key finance tasks that are now fully automated include entity sign-off for quarterly reporting, financial adjustments at the quarter-end closing process, and bi-weekly intra-group transactions, enabling the company to collect sign-offs and better facilitate audit trails of transactions.
SCOR employees can also access a 24/7 online portal that serves as a central resource for submitting requests and changes electronically.
“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,” Henry continued.
“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, also commented: “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,” she added.
“Relieving SCOR’s workforce of burdensome administrative tasks will help the company compete more effectively in today’s data-driven economy.”