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RSA Uses Longview to Streamline Financial Management Processes for Planning and ConsolidationUse of Longview Consolidation and Longview Planning Boosts Efficiency and Helps RSA Reduce Time-to-Reporting by Half (February 14, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 02/14/12 -- Longview Solutions, a leading provider of corporate performance management and tax provisioning software, announced today that since implementing Longview Consolidation and Longview Planning, RSA, a leading property and casualty insurance provider, has been able to eliminate cumbersome, manual processes and spreadsheets and has significantly reduced forecasting cycle time and improved financial data integrity across their organization.
Now in its tenth year of using Longview Consolidation, RSA has dramatically simplified and streamlined its processes for gathering, reconciling and aggregating financial data from its subsidiaries and regions across Canada. The deployment of Longview's budgeting, planning, and forecasting tool, Longview Planning, was also implemented at RSA, giving the organization a unified, consistent view of its financial and operational performance based on real-time data from a single repository.
The challenge of producing timely data increased tremendously in 2006 when RSA was mandated to reduce its reporting timelines from 10 days to five. Despite this seemingly overwhelming undertaking, the finance team was able to meet the reporting deadline by utilizing the automation capabilities provided by Longview Consolidation. "Before, internal monthly and quarterly reporting was a huge manual process," says Nicole Heidinger, Manager, Management Reporting and Analysis for RSA. "Each individual from each department used to contribute one sheet or one working paper, and one person would put it together and build it into a book and we would print it. The change has been quite a revolution, and has allowed the finance staff to allocate more time to focus on interpreting key financial information instead of wasting it on manual processes that required the involvement of multiple people."
RSA has fully leveraged the power of Longview CPM and the efforts of the finance team has been recognized by its parent company in the United Kingdom and other national finance offices worldwide for the quality and timeliness of financial information it provides. Every year, the London headquarters scores each subsidiary office on these criteria and the RSA Canadian group's results also outscores all other offices.
Longview Consolidation and Planning not only makes it easier for RSA finance staff to close the books in a timely fashion and produce valuable information for analysis, but as the single financial data source for the entire organization, it has enabled RSA to drive consistency into the management reporting across all its subsidiaries and regions across Canada.
"In a dynamic and complex environment like ours, there is an increasing demand for timely and accurate financial results," explains Antonietta Montisano, Controller for RSA. "Our Longview application has given us the tools that we need to not only keep up with this demand, but to effectively react to change."
To read details about RSA's implementation, visit http://www.longview.com/component/docman/doc_download/322-how-longview-helped-rsa-slash-time-to-reporting-in-half.
RSA Canada includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., GCAN Insurance Company, Western Assurance Company, Ascentus Insurance Ltd., Canadian Northern Shield Insurance Company, RSA Travel Insurance Inc./Assurance Voyage RSA inc., and is part of the RSA group of companies headed by RSA Insurance Group plc. RSA Canada employs approximately 3,700 people and is represented by a large network of brokers across the country. In 2010, the Canadian Group wrote $2.1bn in direct premiums with assets exceeding $5.8bn. Internationally, RSA Insurance Group plc employs about 22,000 people and has the capability to write business in 130 countries and in 2010 its net written premiums were GBP 7.5bn. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. "RSA" and the RSA logo are trademarks used under licence from RSA Insurance Group plc.
About Longview Solutions
Longview Solutions helps companies manage the business of finance with a unified, scalable application that can automate any one, or combination of, the following financial processes: Planning, Budgeting, Forecasting,Consolidation,Tax Provisioning,Management Reporting and Profitability Analytics. Since 1994, hundreds of Fortune 1000 enterprises have standardized on Longview's Corporate Performance Management (CPM) software to create a single source of financial truth, realizing significant improvements in data integrity, decision support, visibility and financial transparency. Longview is a division of Exact based in Toronto, Canada, with additional offices in Philadelphia, Chicago (USA) and London (UK). For more information please visit www.longview.com.
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