Presented By: The Learners’ Club

Nationwide Insurance:

Unified Financial Reporting and “One Version of the Truth”

Case Summary

• Nationwide Insurance • Insurance and Financial

Service Co.• In a span of 3 years• Appointment of the trio

• CEO-Jerry Jurgensen

• CIO- Michael Keller

• CFO- Robert Rosholt

Case Summary

• Goal

• Make all BUs successful

• Million $ business Billion $ Business

• Problem

• Scattered Data

• Haphazard Financial Reporting system

• Difficulty in forecast, budget and report

Case Summary

• Solution • Master Data Management (MDM)

• FOCUS (Faster On-line Customer-driven

User-friendly Streamlined)

• Tool sets

• IT Team Leader- Vikas Gopal

• 24-month

• SUCCESSFUL

Source : www.openlinksw.com/dataspace

Motivation

• To understand MDM and Data

Governance

• To check “Unified Version of the Truth”

• Challenge of Big Data

• To fulfill Course Objective

• Question 1• Expertise and Experience of the TRIO

• Proper Planning & Systematic Implementation

• Strict adherence to Project Plan

• Pro-activeness -Change Management

• Question 2 : Difficulties and Scenario• Non-unified, Inconsistent Data Management System• Organizational Growth and diversified data

• Employee Resistance

General Ledger 14

Applications 50

Sources of Financial Data 240

Financial Reporting Language Multiple

No of Employees 36000

• Question 3 : Business Value• Data Consistency, Unification & Synchronization• Data Governance• Accurate Picture of the Co. Whenever

wanted• Time, Effort & Money Saving• Competitive Advantage

Total

Regional

• Question 3 : Examples• Close of Books 30 Days to 19 Days• Installation of Geography-based Reporting Structure• One region to another 9 Months to A few days• Cost of IT• Forecast and Budget (Possible No of Death Claims for

next year)• Goal Achievement $1.1 bn (2005) and $2.1 bn (2006)

Lessons Learned

Nepalese Context

• Is there similar systems in Nepal?• Yes and No

• Similarities • Centralized Data Integration• Data Retrieval System (E.g. CTBN Pumori IV)

• Differences• Scale of Operation (Large Vs Small)• Kalido and Teradata

Nepalese Context

• Recommendations• Insurance Companies in Nepal (E.g. NLIC, Prime

Life Insurance, etc.)• Telecommunication • Banks like (E.g. KIST Bank, Nabil Bank, etc)

• Reasons• Geographical Spread• Scale of Operations

Nepalese Context

• Lessons for Nepal• Understanding by Employees

• Change Management• Nepalese Insurance Company

“I’ve got a very simple system and we’ve been working on this for 15 years. Why are you disrupting my life?

(Employee)...” Roshalt (CFO)

THANK YOU

ANY QUESTIONS

?