Accenture (NYSE: ACN) and Sopra Steria are helping Covéa, France’s largest property, and casualty insurer, with its finance transformation program as part of a four-year joint agreement.
The program aims to modernize and simplify the insurance group’s finance function across its three notable brands — MAAF, MMA, and GMF. Together, Accenture and Sopra Steria will help Covéa converge three separate accounting systems into one integrated platform, which will better integrate with other systems across the business and improve the user experience for finance employees.
Phases of this program include deploying advanced technology tools and data models; standardizing processes; and implementing new budget-tracking software. This will enable Covéa to transform other parts of its business more effectively with a consolidated accounting platform that improves visibility and integrates with other operational processes.
The platform will be developed on SAP S/4HANA® and also uses the Accenture Finance Transformation Solution, which improves financial reporting and enables consistent data models for accounting and consolidating financial results. The solution provides pre-configured templates for standard accounting processes for faster implementation time at a lower cost. Covéa will also use Axway Accounting Integration Suite (AI Suite), which helps streamline data integration from multiple accounting systems into the new platform. The AI Suite also includes transformation rules designed in compliance with Covéa’s specific policies, handles exceptions and generates audit trails ensuring that all data delivered can be justified.
“This innovative project is an integral part of our ongoing transformation initiative,” said Aude Messin, Covéa’s director of finance transformation. “We are proud to drive this change with our finance team and are committed to unifying and modernizing our finance landscape with SAP S/4HANA and Axway applications, with which Accenture and Sopra Steria have specific expertise.”
Laurent Gaultier, who leads Accenture’s Insurance practice in France, said, “Insurers are contending with significant changes to their accounting practices, with disruption from new technologies. We are thrilled to be helping Covéa work toward a new vision for their finance function, building a core platform to help them achieve more innovation across the organization and ultimately build a business for the future.”
Guillaume Steyer, director of Insurance for Sopra Steria’s Insurance and Social Protection practice, said, “Our priority is to facilitate the convergence of the three brands by supporting Covéa’s strategic and business departments. Thanks to our end-to-end offering, we have all the assets required to ensure the success of this project by combining our consulting teams’ approach with our expertise in Axway’s AI Suite solution for accounting integration projects.”