PeopleSoft Lease Administration Implementation
Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance including Medical Stop Loss, Directors and Officers and other types of professional Liability, Aviation, Surety, Public Risk, and Event Cancellation. Tokio Marine HCC has achieved an outstanding record of growth and profitability, since its founding in 1974, through creative but careful underwriting, strong risk management practices, opportunistic expansion of existing lines of business and targeted acquisitions. Initially, Elire was selected to support the TMHCC team leading configuration. Shortly after completing project requirements and Fit/Gap, Elire took over leading the configuration of the Lease Administration module along with related Asset Management module setup. The project resulted in setting up all leases under IFRS using a Finance Lease classification within the system per TMHCC’s requirements. Elire was able to provide immediate value by providing TMHCC known production fixes from out-of-the-box functionality.
TMHCC had requested Elire to assist with implementing PeopleSoft’s 9.2 Lease Administration module to help straight-line accounting processes for approximately 200 lessee (payable) leases. This project was initiated to assist TMHCC in meeting the relatively new FASB Lease Accounting Standard 842 by a 2019 deadline.
Timing of the project required testing to be completed late December/early January, through Holiday weeks and year-end close for the accounting resources. It was difficult for the TMHCC team to find adequate time to test the system and relay questions over to the Elire team, which was amplified as the Elire resources were required to work remotely for majority of the project. Initiation of this project also forced THMCC to assign their Assistant Corporate Controller to lead their Lease Administration efforts, with minimal prior lease accounting experience.
Elire delivered success beyond the original scope of the PeopleSoft Lease Administration implementation with Tokio Marine HCC on time and on budget. Leading the configuration of lease types, lease amendments, financial terms, and other lease administration options, Elire provided TMHCC with resources to be fully compliant with FASB Lease Accounting Standard 842. Elire, in collaboration with the THMCC team, was able to provide numerous leasing scenarios to be applied for current and future lease obligations for TMHCC’s business organization. Multiple users were trained by Elire for future Lease Administration input for new leases, along with the ability to amend current leasing requirements. End-to-end functionality was provided from creating new leases in the Lease Administration module to finalizing the payment voucher through the Accounts Payable system.
Interested in learning more about how Elire can assist your PeopleSoft team? Visit our PeopleSoft Services Page or contact our team at [email protected].
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