Every business task, regardless of how often it is completed, has a specified scope, quality, and procedure to be followed. This is especially true in the financial department. Business executives lose visibility into the quality of financial data without established processes in place, and they risk a human mistake. Maintaining uniformity becomes much more difficult for highly acquisitive firms that are constantly changing and dealing with the problems of integrating processes, systems, and geographies. When done correctly, establishing a framework for financial standards may reduce uncertainty, improve data quality, and raise staff morale.
Hyperion Insurance Group, a prominent worldwide insurance group, was in this situation. Serge Thieriet, CFO of Howden Broking Group (Hyperion Insurance), and Andy George, Change Consultant, discussed their decision to replace Anaplan with OneStream XF for improved financial consolidation, reporting, and planning across 38 countries.
Hyperion’s Back-Office System Needs
Hyperion Insurance Group, founded in 1994, has expanded to over 6,000 workers in 40 countries spanning Europe, Africa, Asia, the Middle East, Latin America, the United States, and Australia, and New Zealand in the previous 26 years.
Hyperion Insurance works with a strong acquisitive and entrepreneurial mentality, producing over £7 billion in annual revenue via Howden Broking, DUAL underwriting, data analytics, and digital delivery firm Hyperion X. However, due to the organization’s rapid and consistent development, their back-office systems must be reviewed and optimized regularly.
Hyperion Insurance is on a never-ending quest to improve controls and keep up with expansion without suffocating the entrepreneurial spirit. They required a system that would offer corporate uniformity while still allowing individual subsidiaries to conduct their operations as they saw fit, with some autonomy and control. That’s why they chose OneStream’s contemporary and unified corporate performance management (CPM) platform to modernize their financial software and replace Anaplan.
Hyperion Insurance recognized the need of investing for the long term, and OneStream is a strategic platform for the future. The company previously had a complex, fragmented data model that was difficult to reconcile. OneStream provides customers with a single source of data, allowing them to fulfill corporate governance and control needs while also supporting divisional requirements thanks to OneStream’s Extensible Dimensionality®. Business executives may now go into the specifics to better understand the organization’s organic growth.
OneStream eliminates risky data handoffs and enables fast drill down and analytics as a single platform. Additionally, monitoring intercompany balances across sites throughout the world is easier. With the ability to do their management reports, business users are getting more out of the platform. Hyperion Insurance now offers a dedicated CPM platform that allows for an automated consolidation process with complete transparency from division to the group. It’s a straightforward, scalable strategy that allows for an increase in value without increasing the price.