A Leading Provider of Reinsurance


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 Challenge

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.

Benefits

Benefits


Automated reporting process

The company’s reporting process has improved and the closing time has been reduced


Significant time savings

Their quarterly reporting effort has been shortened (for six person team, 40 hours saved per person per quarter)

Reduced spreadsheet errors

No more worries about manual spreadsheets and formulas and uncontrolled changes.

Seamless XBRL tagging

XBRL tagging in house has saved in outsourcing consulting fees and greatly simplified the tagging process

Rounding functionality

With Tagetik you can easily build the rounding functionality into your reports so you no longer have to “chase the dollar”.

Additional Functionality

Take advantage of the new Tagetik functionalities, enhancing your product

the solution

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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