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UKRPC Tyche is a global insurance software supplier with offices in London, Paris, and the USA.
“Since implementing Xledger, we have far greater reporting flexibility, better distribution of skills within the finance team and are naturally more self-sufficient”
Initially a division of award-winning law firm RPC, but now a stand-alone entity, RPC Tyche’s main software offerings support capital modelling, and pricing commercial insurance and reinsurance.
Gavin Dilley, the Chief Financial Officer at RPC Tyche, talked us through their objectives, the implementation process, and the post-go-live results.
As part of a restructuring process following the de-coupling with the law firm RPC, RPC Tyche had to separate its back-office processes. They remained under the umbrella of the law firm while the changes were taking place so initially had some flexibility with the shared finance system, however, the time was running out to separate the two entities cleanly. As a stand-alone company, RPC Tyche needed its own financial system; one that could align with its new business processes and that could be implemented quickly to deliver the organisation’s business objectives. Furthermore, they needed a new finance solution that could help them grow exponentially, facilitate a globally diverse group structure, and still maintain efficiency when operating as a small team.
“Following an initial discussion with a third-party advisor regarding Xero and Quickbooks, we were recommended Xledger because we required a swift and scalable solution. After contacting Xledger, their tried and tested implementation methodology ultimately assured us that we would achieve the fast-paced implementation needed to achieve our go-live objective. We also really liked that Xledger was a multi-tenanted, true cloud solution with its scalability setting it apart from the competitors.”
Following conversations with Xledger, RPC Tyche created a project management team to keep everything on track on their side, an arrangement that Gavin emphasised “worked really well.” He said that “as a small project team, the flexibility to undergo substantial configuration during the training sessions with the Xledger consultants brought focus and enabled us to dedicate sufficient time to the system without distractions.”
Although the implementation was expected to take three months, RPC Tyche experienced hold-ups owing to the separating of back-office processes, so they were pleased when we mutually agreed to facilitate a one-month delay.
“The implementation process was highly effective, and we’re very happy with the results,” said Gavin. “Since implementing Xledger, we’ve been so pleased we haven’t had to dip back into the old system as the transfer of historic data has been particularly successful” he added. RPC Tyche had a large volume of historic data and transactions, including timesheets and work in progress reports that were all successfully migrated to Xledger during implementation. Gavin went on to say that that “we’re particularly happy with how easy it has been to onboard our new Finance Controller, due to flexible training and the system being so intuitive.”
“Since implementing Xledger, we have far greater reporting flexibility, better distribution of skills within the finance team and are naturally more self-sufficient because we can make amendments to the system without relying on the software provider.
The system is easy to use, and the purchase order functionalities, integrated workflows and automation of processes have enabled us to be highly efficient, even as a small finance team. Not to mention that the Xledger support team are incredibly responsive, so we can continually maintain productivity.”
Speak to one of our dedicated team members for more information on how Xledger can support your business
Complex company structures are a headache for finance departments. From an operational perspective, we want to gain efficiency by creating synergy, removing silos, and eliminating duplication of effort. But, from a finance system perspective, maintaining separate, discreet databases for each statutory entity does little to facilitate this effort.
Key points:
Automation does not remove humans from the process – it empowers them. To automate your finance department is to let the machines carry out the tedious and repetitive work.