Since 2001, Sompo International has thrived as a global specialty provider of property and casualty insurance and reinsurance. Based in Bermuda, the company has expanded operations internationally and cultivated effective risk management strategies. However, insurers across the industry are coping with heightened competition and the ever-present need to maintain capital to mitigate the risk environment. Today, modernized financial planning and analysis processes and automated reporting are providing Sompo with the agility to more effectively allocate capital and expenses. With Workday Adaptive Planning in place, not only has Sompo streamlined the financial close process, but quick access to accurate data has speeded up the forecasting process to gain new insights into how the firm is constantly performing and where they will be at the end of the fiscal year. Further, modeling revenue is also much more accurate. And, with automated reporting, company leaders can more easily analyze information to clearly see the profitability of lines of business and pinpoint new opportunities for expansion and investment.
- Need to make budgeting and forecasting processes more structured
- Desire to quickly obtain accurate data to improve decision-making
- Demand to more effectively allocate capital and more accurately model revenue
- Simplified and continuous budget and forecasting cycles
- Faster access to accurate data improves forecasting precision and revenue modeling
- Automated reporting enables leaders to more easily analyze expenses, allocate capital, and identify areas of growth