Tokio Marine Kiln Taps Accenture to Transform Finance and HR with Workday

Migration to the cloud aims to drive new operational efficiencies, reduce risk and enhance the user experience.

(Image source: Tokio Marine Kiln homepage.)

Accenture (Dublin) has announced an engagement with Tokio Marine Kiln (TMK; London/Singapore), to transform the global multiline property/casualty insurer’s finance and human resources (HR) functions in the U.K. and Singapore by digitizing and consolidating multiple systems onto Workday (Pleasanton, Calif.).

Nick Hutton-Penman, deputy CEO, TMK.

Previously, TMK’s HR, payroll, finance and procurement functions were split across multiple systems, with heavy reliance on manual input, according to an Accenture statement. With Workday Financial Management and Workday Human Capital Management (HCM), TMK’s employees are now able to complete, record, and track transactions and business processes with greater speed, accuracy and ease, freeing them up to spend more time on business-critical functions, Accenture says.

Accenture reports that Workday was deployed virtually in just seven months across the four functions. Accenture, Workday, and TMK focused on digitizing key tasks such as:

  • HR activities including the management of the full employee lifecycle: onboarding, compensation, learning, absence and payroll.
  • End-to-end finance processes including procurement, supplier accounts and contracts, customer accounts and billing, banking, settlement and cash reconciliation, business assets, accounting and financial reporting.

    Jamie Althorp, Insurance lead, U.K. and Ireland, Accenture.

“TMK is driving an exciting strategy of system and process change to deliver a new target operating model, of which Workday is a key element,” comments Nick Hutton-Penman, deputy CEO, TMK. “TMK selected Accenture to ensure strong delivery across our London and Singapore offices, whilst drawing on Accenture’s London market experience.”

“It’s more important than ever for key players in the insurance sector to embrace change and accelerate the cloud-first transformation of legacy technology to support business-critical functions,” comments Jamie Althorp, Insurance lead for Accenture in the U.K. and Ireland. “We are pleased to have collaborated with TMK on this critical journey to transform its finance and HR functions with Workday, creating new operational efficiencies whilst empowering their people with technology, and we look forward to building on this relationship.”

“Forward-thinking companies like Tokio Marine Kiln recognize that resilience and innovation don’t have to be a trade-off,” comments Carolyn Horne, president, EMEA, Workday. “Workday is a proven investment in building a culture of agility, data-driven decision-making, and automation that’s vital now and into the future. To deploy virtually with Workday Financial Management and Workda y Human Capital Management in just seven months is testament to the flexibility of the Workday system, and the great partnership we have with Accenture.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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