Hitachi Consulting UK Delivers Consolidated Expense Processing for Swiss Re, Streamlining Efficiencies, Reporting and Processes
Hitachi Consulting UK has implemented a Cost Operations Shared Service Centre model on behalf of Swiss Re designed to provide consolidated expense processing and reporting for the company's US and UK entities. Known internally as BOOST (BIS & Oracle Operations Standardisation), the project was based on Oracle ERP Financials, and designed to control overheads, increase efficiency and simplify data reporting associated with intercompany recharge process. The new system replaces multiple policies and procedures and simplifies complex processes that required streamlining, involved numerous resources and lacked cost transparency.
Founded in Zurich, Switzerland, in 1863, Swiss Re operates in more than 20 countries and provides its expertise and services to clients throughout the world. Swiss Re offers financial services products that enable risk taking essential to enterprise and progress. The Swiss Re group's position as a preferred supplier in the risk transfer industry is based on value propositions that comprise risk expertise, global reach, scale, diversification, very strong capitalisation and resilience over the long term.
Hitachi Consulting worked collaboratively with Swiss Re to develop two standard system and process platforms with harmonised financial processes incorporating BIS and Oracle. Hitachi Consulting also helped centralise cost operations into a single service company model, standardise the processes around global expense policies, procedures, and reporting transparency, and eliminated manual workarounds.
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