Financial Close and Consolidation with Oracle Cloud EPM
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
November 12, 2024
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PeopleSoft Billing Automation
Reinsurance Group of America (RGA), an established Elire client, engaged Elire for a new project following the success of a prior AR/Billing optimization. RGA’s original process of sending annual quotes for contracts was highly manual, relying on email and Microsoft Excel. To streamline this process, RGA asked Elire to build a custom bolt-on solution using existing PeopleSoft Invoicing functionality, integrating it into their PeopleSoft Billing module.
Given the project’s critical timeline and budget, Elire chose to clone the delivered Invoice functionality and modify it to suit the Quote process. This approach allowed the team to maintain the delivery schedule while providing a seamless and automated solution. The project leveraged RGA’s current system, including PeopleSoft Update Manager (PUM) 49 and PeopleTools 8.60.05.
The most significant challenge was the tight timeline – just five weeks to build and implement the solution. Additionally, the technical requirement to automatically email quotes to suppliers without affecting the invoicing process introduced complexity. The team had to devise creative coding solutions to ensure that the email functionality was triggered only for the Quotes and not the Invoices. This challenge was resolved successfully through customized coding within the cloned Invoice functionality.
Despite the aggressive timeline, the project went live on September 30th, 2024, on time and within budget. The transformation drastically reduced the time required for RGA’s annual quote process, cutting it down from six weeks of manual work to just three days of automated processing. This shift not only improved efficiency but also eliminated manual errors, making the process more reliable.
The client was extremely pleased with the project, noting that all quotes were sent out on time and that the project remained within budget – something they mentioned is a rarity. The automation has opened up opportunities for RGA to consider moving from an annual to a quarterly quote process, providing additional cost benefits.
Following the success of the quote automation software, RGA has invited Elire to tackle an even larger initiative: the Consolidation/Equitization of RGA’s Finance reporting structure. This highly complex project aims to consolidate almost 500 business units worldwide into 4 or 5 key structures. The project will also involve significant challenges due to the wide range of currencies and stringent regulatory requirements.
Reinsurance Group of America (RGA) is one of the largest global life and health reinsurers, specializing in life, and health-related, reinsurance solutions. With a focus on providing innovative risk management and financial solutions, RGA helps insurers around the world address complex challenges and achieve long-term stability. Known for its expertise and industry leadership, RGA continues to be a trusted partner in the reinsurance market.
Interested in learning more about how Elire PeopleSoft Services can assist your team? Visit our PeopleSoft Services Page or contact our team at [email protected].
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