KPMG Consulting implements Oracle financial suite in record time

Allianz Insurance Limited recently commissioned KPMG Consulting to implement the Oracle financial product suite throughout the organisation. The implementation of the solution has enabled Allianz to automate and therefore speed-up all of its month-end financial procedures, reducing the time taken to complete these tasks.

According to Alan Epstein, managing consultant at KPMG Consulting: "through the deployment of Oracle`s financial package, Alianz was able to adhere to reporting deadlines, enabling employees to focus on the analysis of the data, thereby becoming more than just scorekeepers of information."

"As part of the value-add to the project, KPMG Consulting added further functionality to the Oracle financial product suite, by developing insurance specific formulas, which has allowed the organisation to conduct in-depth calculations within its existing journals. Extra calculations abilities include premium cancellation reserve, stop loss premium and IBNR. Month-end reporting throughout Alianz`s 20+ branches around the country is now automatically reconciled within a matter of hours, which will significantly impact on the company`s bottom-line."

"KPMG Consulting`s ability to provide complex packaged solutions that are tried and tested for success and its 90-day deliverables, are two key areas that differentiate the organisation from its competitors. Allianz chose to work with KPMG Consulting on this project, due to its extensive track record and measurable deliverables that the organisation could bring to the project. KPMG Consulting managed to implement the entire solution, with further enhancements within the required budget and three-month time frame," says Gordon Westcott, financial manager at Allianz.

The deployment will effectively allow the company to become fully Web-enabled in the future. Through the implementation of Oracle financials, employees have been able to reduce the manual process time within the company thereby decreasing procurement costs, which can traditionally be very high. The Oracle financial suite allows organisations to gain access solutions for strategic planning, accounting, treasury, project management, and travel management.