Challenges.
As one of the largest U.S. commercial property and casualty insurance companies, CNA’s rigid and complex network of legacy finance systems required significant customisation. Finance depended on IT for process execution, burdening IT with a lengthy request queue and lagging capability set.
Why Workday.
CNA selected Workday to eliminate the need for customisations, become more agile, gain access to real-time data, and be able to accelerate the close process.
Benefits and results.
Consolidated systems.
CNA consolidated five legacy systems into one cloud-native system and delivered a gateway to real-time financial insight. CNA evolved from time- and labour-intensive product customisation to flexible and intuitive product configuration, in addition to replacing disruptive and low-value upgrades with continuous adoption of new features and functionality.
30%
annual savings on finance system.
Improved flexibility.
Workday enabled CNA to redesign its systems support model. IT shifted ownership of tasks such as environment refreshes, system updates, EIBs, cost allocations, financial reporting, process changes, and ledger management to Finance, retaining ownership solely of integrations. Finance benefits from an expansive functionality set and accelerated turnaround times.
27%
improvement in IT efficiency.
Transformed financial management.
CNA redesigned its chart of accounts, simplified its reporting structure and reduced the time to execute period-close tasks and prepare standard and ad hoc financial reports. The company now delivers reportable dimensions that support internal requirements, such as reinsurance premiums reports, and uses built-in lease functionality to ensure compliance with new standards.
59%
reduction in ledger accounts
9
new reporting dimensions
Enhanced the user experience.
CNA simplified the systems landscape, streamlined financial processes and delivered an enhanced user experience and interface. Finance is relieved of data lags during critical periods such as quarter close, equipped with intuitive search functionality and empowered to design and impact the future state.
Reduced time to train new hires