Integrated planning process drives efficiency and insights for Zurich Insurance Group

Client Business Challenges

The existing solution limited Zurich’s ability to change and deal with complexity. Within Zurich there has been only little standardization, and the same time a lot of different departments that have been involved. This made a variety of time consuming manual and spread sheet based activities necessary. They wanted to drive greater efficiency and find a solution that would help them to react positively to increased complexity and the increasing management reporting and regulatory requirements.

The planning and performance management project was created as part of the overall global finance transformation program. The objectives of this program are to form a global finance function which will become a strategic adviser for the business, operating in a more agile environment with standardized processes and common platforms. To support these overall goals and to meet the current business need whilst also having flexibility built in for future change, the re-engineering of the entire planning and performance management framework was required.

BearingPoint’s Contribution

Zurich Insurance Group needed globally aligned planning processes and a best-of-breed system to drive efficiency and provide greater business insight.

Working with Zurich Insurance, BearingPoint created a multi-phase approach that addressed the challenges and delivered on the vision and objectives of the finance transformation program. In all the phases from vision, analysis, design to operational & technical implementation, the areas of processes & metrics, governance & organizational structure, change management and technical architecture have been addressed.

The joint Zurich Insurance and BearingPoint team defined an integrated and streamlined process for Group Planning and Performance Management ensuring the alignment of all stakeholders, activities and dependencies. For a consistent and single viewpoint of the metrics, key business drivers and planning methodologies across all business units and shared functions were refined. Based on this business framework, BearingPoint defined the technical architecture and design and implemented the solution based on SAP Business Planning & Consolidation 10.0.

Ownership for the processes, data and the tool were specified to ensure an aligned view across the finance organization with clear responsibilities for planning and operational activities. To ensure all stakeholders were fully trained and onboard with the transformation, the team created and rolled out a change management approach including the case for change, stakeholder analysis and an action plan.

Client Business Outcomes

The Zurich Insurance Group & BearingPoint team has achieved the vision and objectives for Planning and Performance Management.

This project has enabled Zurich to start the journey to deliver their vision and objectives for Planning and Performance Management. With the new process and solution, Zurich Insurance can handle the growing complexity and the increased data requirements more efficiently. By delivering greater business insight, it has empowered the finance function resulting in their recognition as real partners to the business.

• Shortened planning cycle, through simplified, integrated and aligned planning process and activities
• Increased efficiency and stronger focus on value adding activities through reduced effort for data gathering and reconciliation
• Clarified ownership and responsibility for all planning activities and data points
• Fully aligned and reconciled management and legal reporting
• Reduced cost through decommissioning of various standalone tools and spread sheets
• Fully integrated technology, a single tool used for the entire planning process on a global level
• Shared understanding within the finance organization of the planning process, key business drivers, dependencies and responsibilities.

Large transformational projects such as this are only successful if the people aspects are managed well. Building a culture where changes are adopted positively, will ensure that the benefits derived from the project are on-going. BearingPoint believes true collaboration with its customers is the key to deliver lasting change and continuous improvement.