Accenture (NYSE: ACN) and Sopra Steria are helping Covéa, France's largest property and casualty insurer, with its finance transformation program as part of a four-year joint agreement.
The program aims to modernize and simplify the insurance group’s finance function across its three notable brands — MAAF, MMA and GMF. Together, Accenture and Sopra Steria will help Covéa converge three separate accounting systems into one integrated platform, which will better integrate with other systems across the business and improve the user experience for finance employees.
Phases of this program include deploying advanced technology tools and data models; standardizing processes; and implementing new budget-tracking software. This will enable Covéa to transform other parts of its business more effectively with a consolidated accounting platform that improves visibility and integrates with other operational processes.
The platform will be developed on SAP S/4HANA® and also uses the Accenture Finance Transformation Solution, which improves financial reporting and enables consistent data models for accounting and consolidating financial results. The solution provides pre-configured templates for standard accounting processes for faster implementation time at a lower cost. Covéa will also use Axway Accounting Integration Suite (AI Suite), which helps streamline data integration from multiple accounting systems into the new platform. The AI Suite also includes transformation rules designed in compliance with Covéa’s specific policies, handles exceptions and generates audit trails ensuring that all data delivered can be justified.
"This innovative project is an integral part of our ongoing transformation initiative," said Aude Messin, Covéa’s director of finance transformation. "We are proud to drive this change with our finance team and are committed to unifying and modernizing our finance landscape with SAP S/4HANA and Axway applications, with which Accenture and Sopra Steria have specific expertise."
Laurent Gaultier, who leads Accenture’s Insurance practice in France, said, "Insurers are contending with significant changes to their accounting practices, with disruption from new technologies. We are thrilled to be helping Covéa work toward a new vision for their finance function, building a core platform to help them achieve more innovation across the organization and ultimately build a business for the future."
Guillaume Steyer, director of Insurance for Sopra Steria's Insurance and Social Protection practice, said, "Our priority is to facilitate the convergence of the three brands by supporting Covéa’s strategic and business departments. Thanks to our end-to-end offering, we have all the assets required to ensure the success of this project by combining our consulting teams' approach with our expertise in Axway's AI Suite solution for accounting integration projects."
Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries — powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 509,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com.
Covéa is a French mutual insurance group leader in the property and casualty market. It protects one in three households in France, and its 21,000 employees are committed to serving more than 11.5 million policyholders. With its three brands MAAF, MMA and GMF, Covéa is a solid and dynamic financial player. In 2018, its earned premiums amounted to 16.9 billion euros and equity was 15.2 billion euros. The Covéa group generates 2 billion euros of earned premiums internationally. Read more at covea.eu
About Sopra Steria
Sopra Steria, a European leader in consulting, digital services and software development, helps its clients drive their digital transformation to obtain tangible and sustainable benefits. It provides end-to-end solutions to make large companies and organisations more competitive by combining in-depth knowledge of a wide range of business sectors and innovative technologies with a fully collaborative approach. Sopra Steria places people at the heart of everything it does and is committed to making the most of digital technology to build a positive future for its clients. With 46,000 employees in 25 countries, the Group generated revenue of €4.4 billion in 2019. Read more at www.soprasteria.com
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