Building a scalable, high-performing finance function for a global insurer

How do you turn fragmented Finance processes into better reporting, a faster close and a Finance function built to scale?

A global specialty insurer and reinsurer wanted to modernise its Finance function across the UK and Bermuda. The ambition was clear: build a more scalable, controlled and efficient Finance Operating Model, with stronger financial reporting, FP&A and decision support.

The client had already defined its Finance Target Operating Model, but progress was being slowed by fragmented processes, inconsistent reporting structures, manual consolidation, legacy tools and a crowded improvement agenda. To move forward with confidence, they needed a more joined-up approach to finance systems, processes and prioritisation.

Turning ambition into action

Baringa led delivery across the Finance Excellence Programme, coordinating three core workstreams covering Finance systems, requirements capture, and Finance TOM and business support. Working closely with the Programme Director and CFO sponsor, we helped turn a complex transformation agenda into a structured, deliverable programme.

Our support combined programme leadership, quality assurance, Finance systems change and business architecture. This included Chart of Accounts design, TM1 remediation, reporting requirements capture, tool evaluation, and stronger governance over delivery priorities and pipeline. Key delivery included:

• A harmonised Chart of accounts in SunGL
• Improved actuals reporting (statutory, regulatory and management information) from SunGL
• Standardized and automated the current manual consolidation and integrated allocations into the ledger
• Enhanced financial planning capability in TM1
• Created a single prioritised backlog and deliverables register
• Defined requirements and led RFP, selection and implementation of Anaplan FCR to support consolidation, allocation, recharge and reporting

The result was a more coordinated approach across TM1, finance systems architecture and reporting processes, with clearer priorities and a roadmap the client could move forward with.

Delivering measurable results

The programme delivered measurable improvements in control, reporting, planning and efficiency across the finance function.

These improvements included:

• Improved financial accuracy and reduced risk through a single version of the truth across the group
• Deeper, faster analysis through more controlled FP&A capability
• Greater automation, freeing up high-value resource for more value-add activity
• Greater agility, with lower platform maintenance effort and easier change
• Faster close, with syndicates closing in 5 working days and group close in 10
• Lower operating cost through reduced reliance on technical teams

Why this matters for insurers

For insurers, fragmented Finance processes and disconnected improvement initiatives can slow delivery, increase effort and weaken control.

A structured approach to Finance transformation can improve reporting, accelerate close, strengthen planning capability and reduce operating cost.

If your Finance function is facing similar challenges, we help insurers modernise Finance systems, improve reporting and build finance functions that are more scalable, controlled and value-driven.

Find out how we can help accelerate your Finance transformation.