Transforming Accelerant with advisory and technology implementation
Discover how insurance underwriting group, Accelerant, worked with VantagePoint to achieve their goal to become a technology led InsurTech unicorn.
Accelerant approached VantagePoint in 2019 with big growth ambitions. As a private equity backed insurance company, they wanted to become an insurance industry leader.
Accelerant’s existing finance function consisted of manual and complex Excel-based legacy processes. They needed to transition to an efficient and seamless enterprise system to avoid the common pitfalls experienced during rapid growth.
We advised on a technology-led transformation project and worked with Accelerant to:
- Move away from an Excel heavy process to a modern connected solution for finance and regulatory reporting
- Establish unified goals for finance
- Enable rapid access to insight with the controlled required for a growing organisation
- Unify their internal processes, people and systems.
As the company was rapidly growing, we immediately implemented an effective consolidation tool that dramatically reduced the time taken to close the books each month while allowing new entities to be incorporated easily. We also developed their overall enterprise architecture and identified the right technologies to replace their existing Excel-based process.
This allowed the team to maximise the technology they had invested in, as well as identify areas that required further improvement. The new enterprise architecture also included simple principles such as removing duplication of data to help the finance team to work more efficiently.
Since working with Accelerant, they have grown rapidly through acquisition and fund raising. As part of the new strategic enterprise architecture, we developed a foundational technology architecture that can be replicated across new regions making it scalable and able to support their regional growth without increased headcount.
Accelerant have also been able to reap other benefits such as:
- Building out a strategic reporting model that allows them to forecast and reforecast the business in minutes
- Creating a foundation of business decision making insight that they can use to make key decisions
- Centralising all global FP&A, consolidation, IFRS, Solvency II and a multitude of reporting requirements into a single solution.
Aferian - VP Group Finance
"The expertise at VantagePoint showed that they understood our requirements and they gave us a lot of support around selecting the technologies and tools that we could use. They're able to tailor their services to your requirements."
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