Accenture (NYSE: ACN) has collaborated with Tokio Marine Kiln (TMK), a leading international insurer, to transform its finance and human resources (HR) functions in the U.K. and Singapore by digitising and consolidating multiple systems onto Workday (NASDAQ: WDAY).
Previously, TMK’s HR, payroll, finance and procurement functions were split across multiple systems, with heavy reliance on manual input. With Workday Financial Management and Workday Human Capital Management (HCM), TMK’s employees are now able to complete, record, and track transactions and business processes with greater speed, accuracy and ease, freeing them up to spend more time on business-critical functions.
Workday was deployed virtually in just seven months across the four functions. Accenture, Workday, and TMK focused on digitising key tasks such as:
· HR activities including the management of the full employee lifecycle: onboarding, compensation, learning, absence and payroll.
· End-to-end finance processes including procurement, supplier accounts and contracts, customer accounts and billing, banking, settlement and cash reconciliation, business assets, accounting and financial reporting.
“TMK is driving an exciting strategy of system and process change to deliver a new target operating model, of which Workday is a key element,” said Nick Hutton-Penman, TMK’s deputy CEO. “TMK selected Accenture to ensure strong delivery across our London and Singapore offices, whilst drawing on Accenture’s London market experience.”
Jamie Althorp, Insurance lead for Accenture in the U.K. and Ireland, said: “It’s more important than ever for key players in the insurance sector to embrace change and accelerate the cloud-first transformation of legacy technology to support business-critical functions. We are pleased to have collaborated with TMK on this critical journey to transform its finance and HR functions with Workday, creating new operational efficiencies whilst empowering their people with technology, and we look forward to building on this relationship.”
Carolyn Horne, president, EMEA, Workday, said: “Forward-thinking companies like Tokio Marine Kiln recognise that resilience and innovation don’t have to be a trade-off. Workday is a proven investment in building a culture of agility, data-driven decision-making, and automation that’s vital now and into the future. To deploy virtually with Workday Financial Management and Workday Human Capital Management in just seven months is testament to the flexibility of the Workday system, and the great partnership we have with Accenture.”