Case Study: XL Capital
CherryRoad has worked with numerous clients in the financial services arena, including Brown Brothers Harriman, XL Capital, Insignia ESG, ING Clarion, and MetLife, to name a few. As a result, we offer invaluable insights on how to best address the nuances and needs of financial services organizations.
For example, many financial services firms are diversified international organizations. Some have experienced rapid growth through multiple and even simultaneous acquisitions. Maximizing enterprise performance in these environments presents numerous challenges, such as: providing global consistency while effectively meeting local needs, remaining customer-focused during rapid expansion, seamlessly assimilating new entities into the enterprise, implementing best practices for risk management, and complying with varied regulatory requirements.
With CherryRoad’s expertise, you’ll successfully navigate through these complexities. We’ll help you streamline disparate and redundant processes, set up a flexible and scaleable approach to implementations, and convert new entities and people to your systems as they join the enterprise. We’re also skilled at integrating legacy systems with ERP solutions as well as working with each business unit to address local currency, cultural, regulatory, and language requirements. And, we’ll implement the reporting tools your management will need to analyze customer, product, service, and channel performance and profitability.
One example of CherryRoad’s experience in the financial services arena is Brown Brothers Harriman, one of the oldest and largest privately owned banks in America. With an emphasis on commercial banking and investment advisory services, the firm has participated in projects ranging from the Cherry Hill Mall in New Jersey to the Bokaro thermal power station in Calcutta, India. After CherryRoad successfully implemented Brown Brothers Harriman’s HR solution, they called us back when it was time to upgrade. We’re particularly proud that this was the first successful DB2 upgrade in the country.
CherryRoad’s experience with complex financial services organizations also includes our work with XL Capital, a Bermuda-based Fortune 500 insurance and financial services firm. After numerous acquisitions, the company was operating a dozen subsidiaries in 37 countries on disparate legacy systems. They critically needed a single HR system worldwide. CherryRoad evaluated and standardized business processes across the enterprise while simultaneously deploying XL’s new HR system in multiple locations in multiple countries. This complex project included meeting unique local requirements, such as government-mandated reporting that’s not part of the system’s delivered functionality. XL was more than pleased with the results: a consistent, global system that has streamlined HR functions, delivers real-time data on demand, and supports regulatory and management reporting requirements.