Hitachi Consulting UK has implemented a Cost Operations Shared Service Centre model for Swiss Re. The model is designed to provide consolidated expense processing and reporting for the company’s U.S. and UK entities.
Known internally as “BOOST” (BIS and Oracle Operations Standardisation), the project was based on Oracle ERP Financials, and controls overheads, increases efficiency and simplifies data reporting associated with intercompany recharge process, according to Hitachi. The new system is said to replace multiple policies and procedures, and simplify complex processes that require streamlining, involve numerous resources and lack cost transparency.
As a global reinsurer, Swiss Re offers financial services products that enable the risk taking essential to enterprise and progress. The company says it offers value propositions that comprise risk expertise, global reach, scale, diversification, capitalization and long-term resilience.
“As both the U.S. and the UK entities were moving toward a new standard chart of accounts, we needed a set of books for each,” says Thomas Wright, IT director of L&H Finance Processes for Swiss Re. “Hitachi Consulting created the technical delivery plan, application setup, technical specifications and components, and the strategic project plan to ensure a smooth delivery of our new consolidated operations.
“Before this project, we’d have many expenses from different sources and entities, and our accounts would have to know the cost center structures, codes and expenses in order to effectively process them,” Wright continues. “Hitachi Consulting enabled us to view a single, standardized set of accounts. This has not only streamlined our internal efficiencies and processes, but also improved our management reporting and insight.”
Hitachi Consulting worked collaboratively with Swiss Re to develop two standard system and process platforms with harmonized financial processes incorporating BIS and Oracle. Hitachi Consulting also helped centralize cost operations into a single-service company model; standardize the processes around global expense policies, procedures and reporting transparency; and eliminated manual workarounds.
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