IDC infobrief: Learn how insurance companies are using tech to transform.View Infobrief
INSURANCE
Build a nimble insurance organization.
Ready to turn your data into a business asset? With Workday, you gain real-time insight and a flexible system. So you can spot opportunities, uncover risks, and quickly act on what you see.
Automates premiums and claims data integration usingautomated and scalable finance.
Shortens the close cycle by 25% usingfinancial reporting and analytics.
Increases IT efficiency by 27% usingcontinuous and company-wide planning.
Cuts auction cycle time by 80% usingspend management.
Gains 24/7 insights into staff development and improves communication withtalent management.
解决方案用例
A use for all aspects of your organization.
With the Industry Accelerator for Insurance, you benefit from a global ecosystem of partners to help you adapt, innovate, and scale—all while fast-tracking your digital transformation.
AUTOMATED AND SCALABLE FINANCE
Risk and financial controls.
Save time and money on audits and automate your controls. With Workday, you can:
- Take advantage of built-in controls
- 监控控制萨班斯-奥克斯利法案
- Monitor operational risk
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy, claim, and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Shared data.
Give treasury and risk identical information.
Cash position stress testing.
Identify liquidity risk.
Line of business profitability reporting.
Keep stakeholders informed.
AUTOMATED AND SCALABLE FINANCE
Streamlined operational data integration.
Save time and money on audits and data collection. With Workday, you can:
- Get rid of silos and legacy systems
- Have the same account codes in your operational system
- Remove manual reconciliation processes
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give treasury and risk identical information.
Cash position stress testing.
Identify liquidity risk.
Line of business profitability reporting.
Keep stakeholders informed.
AUTOMATED AND SCALABLE FINANCE
Insurance policy and claim subledgers.
Increase agility, capture more policy attributes, and save on data collection cost. With Workday, you can:
- Bring your policy subledgers together
- See all data elements for each policy
- Gain a clear audit trail to policy-level details
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give financial staff identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
AUTOMATED AND SCALABLE FINANCE
Deferred acquisition cost (DAC) and premium spreads.
Improve your policy-level reporting. With Workday, you can:
- Automatically determine DAC
- Easily allocate deferred acquisition cost
- Eliminate manual reconciliation processes
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Built-in FTP calculation.
Quickly analyze profitability.
Automated Process Control
Automatic premium calculations.
Determine earned and unearned premiums and costs.
Drill back to transaction details.
Gain deeper insight.
Cost and profitability reporting.
Keep stakeholders informed.
AUTOMATED AND SCALABLE FINANCE
Remeasurement accounting (LDTI/IFRS).
Spend less time on manual regulatory processes, comply with new regulations faster, and reduce manual errors. With Workday, you can:
- 准备LDTI / IFRS 17
- Access data you need in one central location
- Easily update your quarterly GL
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Actuarial remeasurement and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Cohort-level reporting.
Allow business analysts to map rules.
Accounting rules.
Quickly create journal entries.
Built-in worktags.
Empower actuarial assumptions.
Automated Process Control
Same data source.
Gain accurate insight into policy and financial details.
Drill back to transaction details.
See reserve changes by product.
Cost and profitability reporting.
Keep stakeholders informed.
AUTOMATED AND SCALABLE FINANCE
Cost allocations.
Gain visibility into all components of activity-based costing, save on data collection cost, and make decisions faster. With Workday, you can:
- Assign costs to your products and services
- Identify cost drivers for each activity
- Calculate and maintain overhead rates
Want more information?Get in Touch
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Common data model.
Easily calculate activity-based costing.
Data Enrichment
Allocation rules engine.
Allow business analysts to map rules.
Costing rules.
Empower business users to set up rules.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give finance teams identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
Financial Reporting and Analytics
FINANCIAL REPORTING AND ANALYTICS
Insurance data models/financial data warehouse.
Make decisions faster and save on audit and data collection costs. With Workday, you can:
- Gain audit trails to your policy-level details
- Report on policy-level details
- Remove manual reconciliation processes
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give treasury and risk identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
FINANCIAL REPORTING AND ANALYTICS
Risk and actuarial financial reporting.
Save time and money on audits and automate controls. With Workday, you can:
- View a complete audit trail of transactions
- Improve audit controls
- Gain built-in segregation of duties
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give treasury and risk identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
FINANCIAL REPORTING AND ANALYTICS
SEC reporting.
Save time on report creation, reduce the cost of data collection, and make decisions faster. With Workday, you can:
- Bring your transactions out of silos
- Unify account codes in your operational system
- Stop hard coding integration points
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give treasury and risk identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
FINANCIAL REPORTING AND ANALYTICS
ESG reporting.
Centralize data for new disclosure requirements, commit to science-based targets, and streamline your path to net-zero emissions. With Workday, you can:
- Get ready to meet new disclosure requirements
- Understand supplier sustainability
- See the largest sources of scope 3 emissions
Featured capabilities.
Social Reporting for ESG
Progress tracking.
Measure progress and identify areas for improvement.
Consolidated information.
Understand workforce composition and more.
Syncs with other features.
Use with analytics, VIBE Index™, and learning.
Supplier Risk and Sustainability
Supplier ESG data collection.
See supplier risk and uncover ways to improve.
Scope 3 emissions reporting.
Report on emissions from supplier spend.
Emissions Modeling and Planning
Impact modeling.
See the impact of your reduction efforts.
Emissions data.
Understand where your material emissions come from.
FINANCIAL REPORTING AND ANALYTICS
Regulatory reporting (NAIC/solvency II).
Report faster and save on data collection costs. With Workday, you can:
- Source data for NAIC/solvency II reports
- Flow data to your regulatory reporting system
- Eliminate manual, error-prone processes
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy, claim, and finance data in one platform.
Gain a granular view.
Data Enrichment
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give everyone access to identical information.
Automatic finance reconciliation.
Send reports to regulators faster.
FINANCIAL REPORTING AND ANALYTICS
Management reporting/KPIs.
Save time on report preparation, improve data quality, and make decisions faster. With Workday, you can:
- Ensure accurate reports
- Deliver various versions of data to leadership
- Tailor reporting to individual roles
Featured capabilities.
Robust Reporting
Object data model.
Build reports with unlimited dimensionality.
Unified data.
Bring financial, workforce, and operational data together.
Security permissions.
Distribute reports based on roles.
Insights to Drive Business
Reporting alerts.
Prompt leaders to take action.
Metrics and scorecards.
Track business performance.
Dimensional analysis.
Analyze your business across every dimension.
Analytics and Dashboards
Workday Prism Analytics.
Blend Workday and external data for reporting.
Persona-driven dashboards.
Gain insight into day-to-day operations.
Continuous and Company-Wide Planning
CONTINUOUS AND COMPANY-WIDE PLANNING
Claims modeling.
Update planning models faster, save on data collection costs, and speed up decision-making. With Workday, you can:
- Access policy-level details
- Securely source claims data
- Frequently update your claims models
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Claims and finance data in one platform.
Gain a granular view.
Built-in audit support.
Track transactions with data lineage.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Standardized planning models.
Bring consistency to how you plan.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Same data source.
Give treasury and risk identical information.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
CONTINUOUS AND COMPANY-WIDE PLANNING
Product and branch profitability.
Save time on planning and make decisions faster. With Workday, you can:
- Easily monitor branch performance
- Allocate costs to individual branches
- Model the impact of branch expansion and closures
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Intelligent data core.
Integrated with finance and HCM.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Driver-based analysis.
Understand business performance.
In-memory calculation.
Process data faster.
Automated Process Control
Single security.
保持你的信息证交会ure.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
CONTINUOUS AND COMPANY-WIDE PLANNING
Operational expense planning.
Improve expense ratios, reduce planning cycle times, and make better decisions faster. With Workday, you can:
- Plan for non-interest expenses
- Frequently update forecasts
- Reconcile plans versus actuals
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Intelligent data core.
Integrated with finance and HCM.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Driver-based analysis.
Understand business performance.
In-memory calculation.
Process data faster.
Automated Process Control
Single security.
保持你的信息证交会ure.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
CONTINUOUS AND COMPANY-WIDE PLANNING
Premiums forecasting.
Create forecasts faster and save time on data collection costs. With Workday, you can:
- Plan and forecast at the policy level
- Gain visibility across all product lines
- Update premium forecasts as often as needed
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Policy and finance data in one platform.
Gain a granular view.
Intelligent data core.
Integrated with finance and HCM.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Driver-based analysis.
Understand business performance.
In-memory calculation.
Process data faster.
Automated Process Control
Single security.
保持你的信息证交会ure.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
CONTINUOUS AND COMPANY-WIDE PLANNING
Workforce planning.
Hire faster, save time spent on audits, and cut data collection costs. With Workday, you can:
- Plan for your workforce needs
- Understand your staffing needs
- Monitor workforce costs
Featured capabilities.
Workforce Modeling
Driver-based assumptions.
Model hiring and retention plans.
Cost impact modeling.
See workforce costs right away.
Global drivers.
See how global attributes impact plans.
Aligned Plans
Strategic planning.
Identify how to attract top talent.
Skills modeling.
Close the skills gap across functions.
Seamless execution.
Turn plans into action.
Staffing Insights
Intuitive dashboards.
Monitor costs, workforce composition, and open positions.
Workforce analytics.
See what’s working and pivot as needed.
CONTINUOUS AND COMPANY-WIDE PLANNING
Reinsurance rate planning.
Save time on revenue modeling, cut data collection costs, and make decisions faster. With Workday, you can:
- Plan for reinsurance rate changes
- Store treaty data in a unified system
- Remove manual planning processes
Featured capabilities.
One Data Source
Foundational data model.
相信你的data.
Treaty, policy, and finance data in one platform.
Gain a granular view.
Intelligent data core.
Integrated with finance and HCM.
Data Enrichment
Rules engine.
Allow business analysts to map rules.
Quick accounting implementation.
Free up time for IT.
Advanced preprocessing.
Vet every transaction.
Automated Process Control
Single security.
保持你的信息证交会ure.
Drill back to transaction details.
Gain deeper insight.
Line of business profitability reporting.
Keep stakeholders informed.
Proactive Spend Management
PROACTIVE SPEND MANAGEMENT
Sourcing efficiency.
Reduce time spent on audits, time to decision, and cost of data collection. With Workday, you can:
- Lower account code differences in your operational systems
- 管理集成点
- Automate reconciliation processes
Featured capabilities.
Simplified RFX
Easier response process.
Set up and publish RFPs, RFIs, and RFQs.
Smart bids.
Scale bidding activities with suppliers.
Optimized award scenarios.
Compare bids and take action.
Streamlined Collaboration
Unified system.
Capture stakeholder requests in one place.
Intake request forms.
Capture essential project details.
Paperless processes.
Eliminate emails and spreadsheets.
Source Performance Measurement
Impact assessment.
Prioritize sourcing projects.
Cost savings and avoidance.
Get visibility into savings metrics.
Profitability reporting.
Report on project milestones and goals.
PROACTIVE SPEND MANAGEMENT
Mitigate supplier risk.
Improve the supplier experience, negotiation, and collaboration. With Workday, you can:
- Simplify supplier interactions
- Accelerate onboarding of new suppliers
- 把供应商变成合作伙伴
Featured capabilities.
Supplier Interface
Supplier portal.
Enable self-service.
Message center.
Start two-way communications.
Reverse auctions.
Save time and money on bids.
Onboarding and Compliance
Forms.
Manage critical data collection.
Built-in compliance.
Keep supplier data updated.
Risk scores.
Assign scores based on attributes.
Performance Management
Feedback and scorecards.
Collaborate with stakeholders.
Goals management.
Manage performance and business satisfaction.
PROACTIVE SPEND MANAGEMENT
Supplier contract management.
Realize faster, streamlined contract workflows, improve billing accuracy, and improve stakeholder visibility. With Workday, you can:
- Gain a better picture of supplier relationships
- Increase visibility into your contracts
- Manage and monitor contract changes
Featured capabilities.
Renewal Management
Smart routing.
Streamline approvals with rules.
Efficient communication.
Use in-app messaging and notifications.
Invoice automation.
Automate based on billing terms and schedules.
Streamlined Contracting
Contract templates.
Author and edit in the same place.
Microsoft Office 365.
Add on the tools you already use.
Digital signatures.
Integrate DocuSign and Adobe eSign.
Visibility and Transparency
Unified data.
See all contract data in one place.
Contract hierarchy.
Create parent-child relationships for suppliers.
Status updates.
Keep teams on the same page.
PROACTIVE SPEND MANAGEMENT
Cost containment.
Improve support for value analysis, increase procurement efficiency and accuracy, and optimize allocation of supplier spend. With Workday, you can:
- Improve supplier discounts and terms
- Streamline data access to accelerate value analysis
- Increase buyer productivity and reduce errors
Featured capabilities.
Validated Savings
Savings identification.
Avoid unnecessary costs.
Savings mapping.
Attribute savings to specific categories.
Prioritization.
Rank projects based on goals.
Comprehensive Control
Quick configuration.
Create spend processes without coding.
Efficient communication.
Use alerts, notifications, and validations.
Controlled access.
Give access based on roles and permissions.
Actionable Insights
Blended analytics.
Combine operational and financial data.
Multi-dimensional spend view.
View all spending in one place.
Enhanced visibility.
Analyze out-of-pocket spend.
PROACTIVE SPEND MANAGEMENT
Stakeholder engagement.
Maximize visibility and minimize risk, streamline the contracting process, and increase compliance. With Workday, you can:
- Enable collaboration across functions
- Build trust with your stakeholders
- Streamline business requests from multiple sources
Featured capabilities.
Modern Solution
Simplified platform.
Enable use for all stakeholders.
Automated routing.
Request projects from the right people.
Streamlined sourcing.
Speed up project reviews and approvals.
Integrated Collaboration
Message center.
Start two-way communications.
Project status.
Get a complete view of all tasks.
Target alignment.
Agree on a single set of company goals.
Unified Data Core
Complete view.
See suppliers, contracts, and projects in one place.
Discovery boards.
Analyze spend quickly and easily.
Unified data.
Bring supplier and spend data together.
PROACTIVE SPEND MANAGEMENT
Indirect spend controls.
See better spend control, experience faster processing, and increase user adoption and satisfaction. With Workday, you can:
- Control spend
- Reduce supplier costs
- Reduce risks tied to manual processing
Featured capabilities.
Modern Buying Experience
Simplified user experience.
Guide users to the right places.
Workday assistant.
Get immediate status updates.
Embedded machine learning.
Enable spend category recommendations.
Touchless Expense Processing
Mobile receipt scanning.
Scan from anywhere.
Audit and fraud protection.
Keep transactions secure with machine learning.
Spend analysis.
Empower teams to negotiate better rates.
在分析
Blended analytics.
Combine operational and financial data.
Rogue spend.
Uncover unmanaged spend issues.
Managed distribution.
Share spend insights across the business.
Talent Management
TALENT MANAGEMENT
Recruit and onboard.
Streamline the recruitment process to hire faster and improve engagement. With Workday, you can:
- Attract the right workers for every job
- Better plan for attrition
- Assess retention risk
Want more information?Get in Touch
Featured capabilities.
Built-In Automation
Dynamic candidate workflow.
Speed up the recruiting process.
Contract builder.
Send offers faster.
Automated onboarding.
Provide a seamless experience.
End-to-End Talent Acquisition
Internal and external sourcing.
扩大你的才华粪便l.
Interview and candidate management.
Hire as a team.
Connection to compensation.
Send competitive offers.
Consumer-Grade Experience
Mobile-driven.
Allow candidates to search and apply for jobs from anywhere.
Configurable job applications.
Tailor the application to your needs.
Social media connectors.
Reach everyone’s network.
TALENT MANAGEMENT
Employee engagement.
Build a diverse workforce, reduce turnover, and improve engagement. With Workday, you can:
- Know how your employees feel
- Break down employee sentiment by region
- Cultivate a sense of belonging
Want more information?Get in Touch
Featured capabilities.
Active Listening Technology
Personalized surveys.
Track engagement, D&I, health, and wellbeing.
Intelligent question targeting.
Ask the right questions.
Survey automation.
Ensure consistent feedback.
End-to-End Talent Acquisition
Employee sentiment insight.
See data in real-time.
Machine learning and semantic search.
Help applicants find the right job.
Impact correlations and benchmarking.
See how you measure up.
Consumer-Grade Experience
Contextual learning and prescriptive actions.
Help your people grow.
Dashboards for everyone.
Enable two-way collaboration.
Confidential conversations.
Get honest feedback.
TALENT MANAGEMENT
Modernize for efficient HR service delivery.
Reduce HR case volume, improve efficiency, and reduce the total cost of ownership. With Workday, you can:
- Quickly roll out HR programs to a distributed workforce
- Offer employees self-service
- Better engage with employees
Want more information?Get in Touch
Featured capabilities.
Digital Self-Service
Data integrity and synchronization.
Offer up-to-date information.
Faster search results.
Provide help at the moment of need.
Personalized content.
Meet people where they are.
People-Centered Design
Survey and feedback loop.
Keep communication open.
Tailored experiences.
Be there for moments that matter.
Push notifications.
Keep people connected.
Built-In Automation
Dynamic candidate workflow.
Speed up the recruiting process.
Contract builder.
Send offers faster.
Automated onboarding.
Provide a seamless experience.
TALENT MANAGEMENT
Employee experience and well-being.
Provide greater self-sufficiency and improve connection. With Workday, you can:
- Better engage with employees
- Make things easier for an overstretched workforce
- Offer self-service
Want more information?Get in Touch
Featured capabilities.
Self-Service Functionalities
Built-in workflows.
Make processes easier.
Time-tracking, expenses, tax forms, and more.
Take care of everyday tasks.
Comprehensive guidance.
Offer support when needed.
People-Centered Design
Survey and feedback loop.
Keep communication open.
Tailored experiences.
Be there for moments that matter.
Push notifications.
Keep people connected.
Consumer-Grade Experience
Native mobile.
Take care of business from anywhere.
Chatbot and search.
Provide help at the moment of need.
Natural workspaces.
Meet your people where they work.
TALENT MANAGEMENT
Belonging and diversity.
Increase D&I insight, build a culture of belonging, and foster a more diverse workforce. With Workday, you can:
- Understand the makeup of your workforce
- Bring in and retain diverse talent
- Use data to make an impact
Want more information?Get in Touch
Featured capabilities.
Insight to Drive Change
Holistic workforce data.
Gain real-time insight.
Reporting and analytics.
See outcome-based belonging and diversity metrics.
Strategic Action
Progress monitoring.
Track your D&I initiatives.
Skills-based hiring.
Ensure equitable access to opportunity.
VIBE Index™.
Ensure inclusion and equal pay.
Meaningful Experiences
Employee sentiment survey.
Measure how your employees feel.
Personalized experiences.
Foster inclusion and belonging.
TALENT MANAGEMENT
Skills development and training.
Reduce turnover, better allocate resources, and personalize learning experiences. With Workday, you can:
- Place the right people in the right roles
- Develop your best talent
- Stay on top of required training
Want more information?Get in Touch
Featured capabilities.
Career Development
Opportunity graph.
Offer up clear career pathways.
Job recommendations.
Suggest gigs based on skills and interests.
Democratized opportunity.
Give everyone the chance to grow.
Skills Analysis
Skills ontology.
Understand the skills you have.
Reports and dashboards.
See skills analytics.
Skills tracking.
Measure skills against business needs.
Learning and Training
Machine-learning recommendation.
Intelligently suggest learning.
Certification and license tracking.
Keep track of training.
Alerts and notifications.
Send automatic learning reminders.
IDC infobrief: how tech helps insurance adapt.
The insurance industry is bracing for change, and organizations are looking to technology to adapt. Explore the IDC findings to learn about the industry’s top pain points and the role of technology in addressing them.