New York Life Insurance Company has expanded its use of Workiva’s cloud-based software, Wdesk, to modernize the business data processes of its financial reporting division.

"We are evolving the function of our financial reporting team to be better business partners, and to do that, we must spend less time on compiling data and more time analyzing," said Ed Millay, vice president and assistant controller at New York Life, in a statement.

The insurer originally began using Wdesk for own risk and solvency assessment (ORSA). Early success later led New York Life adopting Wdesk for additional business data processes, the company said. The software has reportedly helped New York Life improve accuracy and control in financial reporting for all of its insurance companies.

"Wdesk has helped us improve our financial reporting processes by giving us the ability to integrate and consolidate data from multiple sources, embed comments on disclosures with dozens of contributors, and ensure consistency across many different documents that require similar disclosures," said Millay. "Wdesk is helping foster collaboration across the enterprise as the benefits can be leveraged in many different areas."

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