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Global Insurance Company

– Large multi-year 100m+ digital transformation project to implement SimCorp Dimension, Bloomberg AIM, and new Enterprise data lake/reporting hub

– Client had to implement one global ABOR system across 6 accounting frameworks (IFRS, IAS, USGAAP, JGAAP, USTAX and US STAT) and 10+ countries

– FINARCH part of project team across several workstreams including, Securities Accounting, Public and Private Market Operations, Testing, US STAT and TAX Reporting and Organizational Readiness
  • Large multi-year 100m+ digital transformation project to implement SimCorp Dimension, Bloomberg AIM, and new Enterprise data lake/reporting hub​
  • Client had to implement one global ABOR system across 6 accounting frameworks (IFRS, IAS, USGAAP, JGAAP, USTAX and US STAT) and 10+ countries​
  • FINARCH part of project team across several workstreams including, Securities Accounting, Public and Private Market Operations, Testing, US STAT and TAX Reporting and Organizational Readiness​

Results

– Successfully went live with largest digital transformation project in the companies 100+ year old history, and one of the largest transformation projects in North America

– FINARCH team had a lead role across several workstreams and delivered and achieved all client objectives

Technology Stack

– SimCorp Dimension​
– Bloomberg AIM​
– Bloomberg Polar Lake (BPL)​
– DUCO​
– Findur​
– INFOR​
– DealGen​
– Microsoft Power BI​

Engagement Objectives

– Client seeking to transform their fractured ecosystem which contained a large amount of technical debt from various acquisitions and different geological operating models to using one consolidated accounting system globally

– FINARCH team was brought on to provide subject matter expertise across Accounting Book of Record (ABOR), Investment Book of Record (IBOR), NAIC, Reconciliation (GL, SLvGL, Position, Cash) and Business Operations Support

– FINARCH team provided executives with guidance on best practices, and helped to define the approach and strategy to help achieve project milestones

Solution Highlights

– Implemented one ABOR/IBOR used globally across all business units which included both Corporate GL and Asset Management (NAV) accounting with 3000+ portfolios and 400,000+ tax lots

– Solution fully integrated across the ecosystem, with 3x OMS systems, external GL, EDM and data lake for downstream reporting​ functions (Risk, Performance)

– Reporting solution fully transitioned a batch/report operations to DaaS solution which empowers all users across all business lines to self serve their own data requirements

More Insights

Accelex and FINARCH Announce Partnership to Streamline Operational Efficiency in Private Markets

Accelex, a leading technology provider of alternative investment data acquisition, reporting and analytics, is announcing its strategic partnership with FINARCH, a digital transformation partner for leading Asset Managers and Institutional Investors with deep expertise in advanced financial software solutions. This collaboration marks a significant milestone in the pursuit of operational excellence and enhanced efficiency for organizations operating in the private markets.

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