Migration to the cloud aims to drive new operational efficiencies, reduce risk and enhance the user experience
Accenture (NYSE: ACN) has collaborated with Tokio Marine Kiln (TMK), a leading international insurer, to transform its finance and human resources (HR) functions in the U.K. and Singapore by digitizing and consolidating multiple systems onto Workday (NASDAQ: WDAY).
Previously, TMK’s HR, payroll, finance and procurement functions were split across multiple systems, with heavy reliance on manual input. With Workday Financial Management and Workday Human Capital Management (HCM), TMK’s employees are now able to complete, record, and track transactions and business processes with greater speed, accuracy and ease, freeing them up to spend more time on business-critical functions.
Workday was deployed virtually in just seven months across four functions. Accenture, Workday, and TMK focused on digitizing key tasks such as:
- HR activities including the management of the full employee lifecycle: onboarding, compensation, learning, absence and payroll.
- End-to-end finance processes including procurement, supplier accounts and contracts, customer accounts and billing, banking, settlement and cash reconciliation, business assets, accounting and financial reporting.
“TMK is driving an exciting strategy of system and process change to deliver a new target operating model, of which Workday is a key element,” said Nick Hutton-Penman, TMK’s deputy CEO. “TMK selected Accenture to ensure strong delivery across our London and Singapore offices, whilst drawing on Accenture’s London market experience.”
Jamie Althorp, Insurance lead for Accenture in the U.K. and Ireland, said: “It’s more important than ever for key players in the insurance sector to embrace change and accelerate the cloud-first transformation of legacy technology to support business-critical functions. We are pleased to have collaborated with TMK on this critical journey to transform its finance and HR functions with Workday, creating new operational efficiencies whilst empowering their people with technology, and we look forward to building on this relationship.”
Carolyn Horne, president, EMEA, Workday, said: “Forward-thinking companies like Tokio Marine Kiln recognize that resilience and innovation don’t have to be a trade-off. Workday is a proven investment in building a culture of agility, data-driven decision-making, and automation that’s vital now and into the future. To deploy virtually with Workday Financial Management and Workday Human Capital Management in just seven months is testament to the flexibility of the Workday system, and the great partnership we have with Accenture.”
About Tokio Marine Kiln
Tokio Marine Kiln is a forward-thinking international insurance underwriting business. As part of one of the world’s largest insurance groups, Tokio Marine, we empower our people to protect customers around the world against complex and ever-changing risks. Our six specialist underwriting teams – Property & Motor; Liability; Specialty; Aviation; Marine & Energy; and Reinsurance – are complemented by the market leading Claims team (as recognized by Gracechurch Consulting). Together, we enable our clients to fulfil their ambitions for a better tomorrow. Tokio Marine Kiln benefits from a Standard & Poor’s rating of A+ for its Lloyd’s syndicates. For more information, visit www.tokiomarinekiln.com.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
Accenture’s Insurance Practice helps P&C insurers, life carriers and reinsurers to redefine their business and operating models, enhance the digital experience for customers, and position themselves for growth in a digital economy. To learn more, visit: www.accenture.com/insurance.
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