A Leading Provider of Reinsurance
Financial Reporting and Consolidation
”Tagetik allows us to be financedriven. It’s visually understandable and easy to follow. Anyone who knows Word and Excel can use it.We decided that we really needed to address the bigger issues of improving efficiency and reducing risk by automating our entire financial reporting processes. One of our top specifications was the ability for the finance team to manage the software and not have to involve IT in report changes.”
Laryssa Yuel, Senior Vice President of Finance
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The Company is a leading provider of property, casualty and finite risk reinsurance offered through reinsurance brokers to clients worldwide. For the six-person finance reporting team, consolidation and quarterly reporting was a big challenge. The team faced tight deadlines for internal management and board reporting and for external filings including the 10-Q/10-K, financial supplements and earning releases. In addition, the team was reliant on a manual, spreadsheet driven process involving an average of 10 workbooks for the quarterly close.
Tagetik emerged as the clear choice, with ease-of-use among the top differentiators.
“Tagetik allows us to be finance-driven,” said Yuel. “It’s visually understandable and easy to follow. Anyone who knows Word and Excel can use it.”
Other reasons for selection include Tagetik’s built-in functionality (for example, the software automatically checks consistency of numbers between reports), spreadsheet controls, the ability to easily combine numbers and text, and XBRL capabilities. “We could see that the software would be adaptable to our requirements,” said Yuel. “And the Tagetik team understood and was very responsive to our needs.”
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