Infotech Lead America: Insurance provider AXA has selected Accenture to streamline its finance function across its European operations.
AXA has already implemented the program in France, Italy, Ireland, Portugal, Spain and the UK, and is expected to be implemented in Germany and Switzerland by early 2013 and in Belgium by early 2014.
The multi-year technology and management consulting agreement enabled Accenture to help AXA develop and implement a common finance and reporting IT system based on SAP solutions.
Accenture is also providing management consulting services that help AXA design and implement centralized finance and accounting (F&A) processes, including accounts payable, accounts receivable, month-end close and balance sheet reconciliations.
“This program is helping us increase consistency in our accounting principles, optimize costs and allows our finance teams to focus on analyzing information rather than on gathering and reconciling data,” said Virginie Babinet, AXA Finance and Procurement solutions managing Director within AXA Group Solutions.
“Our research has found that 70 percent of companies with high-performing finance organizations exceed their peers in overall business performance,” said Eric Veron, managing director for Accenture’s Insurance practice in France.
Accenture Finance and Risk Services serves more than 500 financial institutions worldwide, helping them improve the performance of their finance and risk management functions.
“Finance functions are facing significant challenges from multiple directions,” said Steve Culp, managing director, Accenture Finance & Risk Services. “Continued market and economic volatility, waves of new regulatory requirements and demands from businesses to turn ever-increasing volumes of data into insightful information are driving the finance function to once again raise their game.”