Treasury Vendor Selection & Kyriba Implementation
Langhorne Re is a global reinsurer targeting large in-force life and annuity blocks headquartered in Bermuda. The company is capitalized with $780 million of long-term equity capital commitments from Reinsurance Group of America, Incorporated (RGA), RenaissanceRe Holdings Ltd. (RenaissanceRe) and other well-regarded financial institutions.
Phases 1 and 2 of the project involved RFP selection and implementation of Langhorne’s 2020 Treasury initiative. Elire is currently working through phases 3 and 4 of this project, focusing respectively on stabilization/resource contingency & documentation, and eventually offering post go-live support in the form of our Managed Services support.
Highlights of the completed services for the Phase 2 Kyriba Implementation are shown below:
The primary challenge of this project revolved heavily around resource constraints, an aggressive timeline, and Elire’s first time implementing Kyriba. With Langhorne being launched in 2018, the business model continues to evolve and change quite frequently. Following the conclusion of Phase 1 and Langhorne selecting Kyriba as their Treasury Management System, the Elire/Langhorne teams had approximately three months to get the application live by January 6th, 2020.
With RGA servicing a majority of business functions for Langhorne outside of Treasury and AP, it was quickly realized that a variety of key players from various work streams needed to be involved in discovery sessions and requirements gathering. The main stakeholders at Langhorne are constantly chasing new transactions, leading to a decentralized team with individuals traveling often. Headquartered in Bermuda, face time with Langhorne users was at a premium, leading to the need for consistent, superior communication with all parties involved.
Langhorne went live on time on January 6th, 2020 and began issuing production payments within the application for the majority of their business needs. Using Kyriba’s automated processing, Langhorne was able to view cash positions across accounts and entities, while producing multi-line allocated accounting entries for all transactions coming into the system, freeing up accounting and treasury users to spend less time processing and more time competing analysis.
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