未来保险业务验证：从传统系统到无缝效率

Sponsored byPresented by To remedy this problem, Workday helps insurers create an intelligent data core. Instead of being limited to a tinynumber of data fields, the Workday platform gives teams access to hundreds of insurance transaction details andprovide a clear data lineage that makes auditing more transparent and easier (see exhibit 1). “That's basically thetransformation, from a much older system to a modern platform-based data model.”Exhibit 1Insurance Intelligent Data CoreIAT Insurance Group’s Digital Journey with WorkdayAt that point in the program, Heckathorn handed the floor over to Bandy to share IAT’s story. Bandy explained thatIATstarted to modernize its technology platform back in 2018, and in 2020 turned its attention to its backend systems.IAT went live in 2022 with “Workday Financial Management” and then quickly followed with “Workday AdaptivePlanning,” which is what IAT uses for budgeting. There were several pain points “that IAT solved with the Workdayplatform right away, almost instantaneously.”First, the company had been using Excel spreadsheets to pool results for IAT’s seven insurance companies. That wasa quarterly task—and very tedious. Now with Workday it’s a monthly process that takes merely an hour, she said, withresults that can be reviewed within minutes. “The allocation engines built into the system allowed us to do this, and it’sincredibly helpful that we can now review our full combined ratios on a monthly basis instead of quarterly.”Also, IAT’s month-end close, which used to take 15 to 20 days, is now down to less than eight days—with furtherimprovements in the pipeline. “Once we implement Workday’s Accounting Center in 2026, we're going to get that downto under five days. We’re very excited about that.”Next, better data quality means internal actuaries and tax professionals have less questions. And when there arequestions the team can provide answers more quickly and confidently. In fact, the system instills more confidence ingeneral. “Internal actuaries and outside tax professionals like that they can rely on us to provide data and information,and they like that they can easily access the system themselves given its user-friendly interface.”Quota ShareAllocationsUnearnedPremiumReservesIFRS 15 &ASC 606.FiduciaryAccountingDeferredAcquisitionCostGeneralLedger(GL)Policy &ClaimsSubledgersAccountingCenterCarbon ESGLedgerMgmtAllocationsODS forNAICReportingWorkday Data CoreIngestandEnrichReporting&AnalyticsWorkday Insurance Intelligent Data CoreOperational AnalysisPremium & Loss,Comission PlanningManagementReportingNAIC ReportingSEC ReportingData Lineage and Error Handling/Reporting Drill Back/Always-on Audit and ControlsPolicies(10 systems)Claims(10 systems)Comissions(5 systems)Investments(5 systems)Systems of RecordMiddle OfficeFinance Finally, the platform’s efficiencies have generated significant time savings. IAT was able to reduce the number of APaccounts payable clerks from four to one and reposition those team members to other strategic roles. “We were able toeliminate all the pushing of paper back and forth, and the manual entries.”Bandy summarized the key benefits of the Workday platform as follows:Data:Increased confidence in data and better business insightsTime Savings:Less manual tasks and improved reconciliationReporting:Filing and meeting statutory deadlines with easeA Solution for All-Sized InstitutionsAfter Bandy finished her remarks, she and Heckathorn took questions from the audience. Several attendees asked if theWorkday platform is appropriate for mid-sized institutions or only for large organizations. Both speakers debunked thisnotion. Heckathorn said that the average mid-sized organization working with Workday can usually implement a newfinancial system in four to seven months, and 95% of thoseimplementations are on time with a 95% customer satisfactionrating. “That's been the case for Workday for ten-plus years.So smaller organizations are doing it. They're tackling this.They need to make these sorts of changes to be ready for AI.”Bandy backed up that sentiment, saying investing intechnology such as Workday is critical for any sized player toremain viable and relevant. And leaders should not view thesetechnologies as merely a cost center. They are also strategicinvestments. “Our investment allowed us to enter businessareas that we would not have been able to enter before, so it'shelping us grow, too.”The speakers wrapped up the webinar with some specific advice for mid-sized organizations. One is to find a vendorthat has worked frequently with insurance companies on transformations in the past, has the necessary toolkitto expedite the process, and doesn’t have to develop tools on the fly when the transformation is underway. ThenHeckathorn added a final point that many insurers mulling a technology transformation might not have considered.“Leadership should think about the community they are joining. We have a community of insurance organizations whoare