Life insurance company uses solution from Hyperion to streamline the financial reporting process
Santa Clara, CA — October 17, 2005 — Kansas City Life Insurance Co., which sells life insurance and annuities, said today it is using Hyperion software to consolidate financial data across three insurance subsidiaries and assist with financial filings in 48 states.
The company has implemented the Hyperion consolidation solution, a Web-based system for global collection, financial consolidation and reporting, to eliminate its reliance on spreadsheets, achieve regulatory compliance, improve its data quality, support company growth, free its finance personnel to analyze data and streamline its financial close process.
Rob Fisher, director of financial systems at Kansas City Life, said of the Hyperion solution: "The single data source has given us improved data quality and drill-down capabilities for improved data analysis. We were able to deploy a stable and scalable system and implement systems backups for improved data recoverability."
The deployment has already shown initial success in benefiting the company. Kansas City Life said it has shortened its financial close process by five days, with an even more significant decrease expected in coming quarters. Additionally, the solution has provided improved controls in the company's financial close process and delivered superior visibility into its audit trails to facilitate improved Sarbanes-Oxley compliance.
Of particular benefit has been the ability of personnel, both in Finance and other departments, at Kansas City Life to enter data via the Web, eliminating the need for multiple spreadsheets and improving data integrity. Key business communities within the company now make entries directly into the financial management system and view data through the financial application. As a result, users are able to spend more time on value-added analysis and less on manual data entry and distribution.
"Using the Hyperion solution has enabled Kansas City Life to improve accuracy and control over the financial reporting process," said Rich Clayton, vice president of product marketing at Hyperion. "At the same time, having a single version of the truth for financial results is providing the additional insight needed to facilitate communication within the organization."
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