Boosting efficiency: Cutting an insurer’s financial reporting time by 40%
The finance team was stuck in a slow, manual cycle. Most of the monthly reporting relied on spreadsheets, and pulling everything together from different business units took far too long.
Last-minute fixes to compliance reports had become the norm. Data was often inconsistent, automation was missing, and coordination between local offices and the head office was clunky. At times, it took nearly 20 days to close the books, costing the company time, trust, and the ability to act on financial insights when it mattered most. Closing books sometimes took up to 20 days, resulting in lost time, credibility, and valuable insights.
SVOD Advisory was brought in to re-engineer the client’s financial reporting process, with a focus on automation, standardization, and accuracy. The goal was not speed; it was creating a system that could scale with the business and reduce reliance on firefighting.
During this project, our consultants followed a phased transformation model that leveraged audit, process mapping, and digital tool integration:
Processes audit and gap assessment: Full workflow review from data entry to final consolidation, identifying blockers and non-compliance risks. Standardized reporting templates: Unified formats across entities to eliminate reconciliation delays and reduce manual rework. Integrated automation tools: Deployed RPA and cloud-based financial consolidation tools to automate recurring tasks and reduce error-prone spreadsheet dependency. Training and internal controls: Upgraded the finance team’s capability to manage new tools and strengthened internal governance with maker-checker controls and reporting checklists.
Compliance mapping: Aligned monthly, quarterly, and annual reporting workflows with evolving IRDAI and international standards to eliminate redundancy.
40% reduction in financial reporting time, with month-end close now completed in 12 days instead of 20 days before.
Consistent 98% accuracy rate in reports over three consecutive quarters, reducing post-close corrections
Enabled real-time dashboards for the CFO and the board, improving visibility and decision speed
Reduced audit prep time by 30%, thanks to standardized templates and clean data trails
Strengthened internal audit ratings and reduced risk exposure tied to manual reporting processes
In the insurance world, trust is built on timing and accuracy. Cutting down on reporting delays and tightening data reliability meant that the client had to do more than fix a finance issue: they drastically changed how the business operates. What used to be a slow, behind-the-scenes task is now a strong, reliable system that gives the organization's leadership the clarity to make faster, better decisions. It’s become a core strength, not just a compliance requirement.
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