Gained transparency across the Group's international businesses
Third party ETL tools eliminated
Countries using a controlled and unified close process
For five years, Hyperion Insurance Group had been using Anaplan for financial consolidation, group and divisional reporting, budgeting and forecasting. However, Hyperion Insurance faced many difficulties with Anaplan. “When I came in four years ago, we were using a patchwork of legacy systems across a very diverse business internationally,” said Andy George from the Hyperion Insurance Group Finance transformation team. “We thought Anaplan’s flexibility was its strength, but it also was its weakness.”
Highly acquisitive and geographically dispersed, Hyperion Insurance had a pronounced need for controls and standardization. Yet the group experienced reconciliation issues between models and felt that Anaplan lacked the built-in reporting functionality they needed. Audit logging was very basic, and Anaplan did not provide the ability to segregate user roles. These challenges drove the group’s need to replace Anaplan with a next-generation corporate performance management (CPM) platform.
Implementing a Modern and Unified CPM Platform
About Hyperion Insurance Group
Achieving transparency, control, and governance across our international businesses was our biggest challenge with Anaplan. And now the individual businesses can do local management reporting with a deeper level of data for analysis. We’ve been able to create a very seamless connection between our Unit4 ERP and OneStream, which works really well.
— Andy George | Finance Transformation Team
HYPERION INSURANCE GROUP
Hyperion Insurance Group is an international firm of insurance brokers and underwriters. With over 4,500 employees worldwide, Hyperion is one of the world’s leading insurance intermediary groups. Since humble beginnings in 1994 as a small London broker, Hyperion has become a leading independent, international insurance group. With four distinct divisions, Hyperion consists of the pre-eminent international retail distribution network outside of North America, a leading independent specialty lines insurance and reinsurance broker, and the only global specialist MGA group. In 2019 Hyperion celebrated its most successful year to date with market-leading organic growth of 11% and over £725m in revenue. For more information, visit HyperionGrp.com.
Generated in Annual Revenue
Years in Operation
AT A GLANCE
Hyperion Insurance Group
OneStream XF Success Story
Learn more about our partner.
Against a backdrop of massive growth and the need for standardized global controls, Hyperion began a CPM evaluation process. They wanted a platform that was cloud-ready, modern, agile and scalable. “What we were looking for was something that would meet the needs of the business going forward for the next five, even 10 years,” said George.
Hyperion Insurance needed to create a controlled close process, yet they also wanted to support granular-level reporting. “Internal governance had become very important for us, and the structured close process was challenging in Anaplan,” George added. “We needed something centralized, where users could easily access data for reporting while still having data controls in place.”
Hyperion Insurance looked at a shortlist of cloud vendors, but OneStream quickly stood out. Everyone involved was excited about the product. What began as an Anaplan replacement project quickly turned into evaluating new possibilities of what could be done with OneStream’s unified platform. “We really loved the full platform approach with controls and compliance from top to bottom of the organization,” said George. “And we knew we needed an extensible platform for growth that provided analytic value across the business.” So, Hyperion Insurance chose to move to OneStream for financial consolidation, management reporting, account reconciliations, budgeting and forecasting.
The Selection Process
Geographically spread over 30 countries, Hyperion Insurance Group’s four main divisions each have their own specific requirements. “The main drivers behind the transformation project were control and corporate governance and to create a solution scalable for the future,” said George. “We needed flexible options to accommodate different submission processes and make it more streamlined by integrating OneStream with our Unit4 ERP system.”
Phase 1 of the OneStream implementation began with a focus on financial consolidation and management reporting, followed by Phase 2, which consisted of planning, budgeting and forecasting. Phase 3 focused on implementing the Account Reconciliations solution in OneStream. “We’re using OneStream across a broad scope,” George added. “We’re doing financial consolidation, management reporting, budgeting, employee costing, task management and more. We’re really using it to its full potential."
Hyperion Insurance is also leveraging the Reporting Compliance solution from the XF MarketPlace. As a highly acquisitive business, many of Hyperion Insurance’s acquisitions are part cash and part share options. The Reporting Compliance solution gives them a way to easily track and revalue share options and calculate the FX. “That was something previously completed offline on spreadsheets, which only delivered half the job,” George added. “The advantage of OneStream’s Reporting Compliance is that it posts the consolidation journals directly into the main financial cube and provides a systemized audit trail. That’s something very valuable to our Group Finance team.”
People Planning, another XF MarketPlace solution, is being used heavily at Hyperion Insurance. “We load in payroll data and compare the actuals against budget,” said George. “It’s been crucial to have control and data at the right level for our business units.”
Implementing a Modern Cloud
Patchwork of legacy systems created multiple versions of the truth
Lack of control and versioning
Too much flexibility left no room for data governance and controls
Limited dimensionality into results
Anaplan lacked the reporting functionality and audit trails needed
Unified platform for consolidation, forecasting, planning and reporting
Built-in ETL capabilities eliminated need for third party tools
Powerful management reporting for
Clear overview on status and progress of international business units
Deeper insight into results through
Key OneStream XF Benefits
Key OneStream XF Benefits
Implementing a Modern Cloud
The Selection Process
Financial Consolidation and Reporting
Planning, Budgeting and Forecasting
Corporate Performance Management Solutions Delivered
Corporate Performance Management Solutions Delivered
About OneStream Software
OneStream Software provides a market-leading CPM 2.0 solution, the OneStream XF SmartCPM™ platform. OneStream XF unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications, and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features more than 50 downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. We are driven by our mission statement that every customer must be a reference and success.
For more information, please visit OneStream Software OneStreamSoftware.com or on Twitter @OneStream_Soft.
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About the Implementation Partner
From its early roots in the year 2000, inlumi has grown into a pan-European full-service provider of everything from advisory, technology implementation to managed operations. Combining finance and technology expertise, inlumi helps customers to perform at their best by enabling them to make sense of their enterprise and financial data—key to their future success. inlumi takes their customers to the next level of Performance Management and Analytics—to allow informed decision making. For more information, visit inlumi.com.
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Download the Case Study
Headquartered in Los Angeles, CA, Herbalife Nutrition operates in ninety countries and had multiple legacy CPM products in place including Oracle Hyperion (HFM), Planning, FDM, Essbase and EPMA. Managing data across several applications, the Company had a very manual Excel-based process for modeling and reporting. “We were integrating from many different applications, including Oracle ERP to multiple Oracle Hyperion applications, yet they were all behaving independently,” said Vanita Thornton, Sr. Director Global Operational Accounting and Financial Systems at Herbalife Nutrition.
These legacy systems were limited by dimensionality which hindered the Company’s ability to report on project-level detail. It was time for the Company to make a choice—take on a major upgrade, move to the cloud, or start looking at alternative solutions.
Seeking to learn more about Oracle’s product roadmap, Herbalife Nutrition was ready to explore the market. OneStream was ultimately selected because it best complimented the Company’s system requirements to have all solutions in one product.
The first phase of implementation included global consolidations for 80 markets, global expense planning, and people planning with direct integration with their Oracle Fusion HCM system. With 600 accounting and FP&A users globally, Herbalife Nutrition went live with 2.5 years of data conversion in just 10 months in a complete “rip and replace” of Hyperion Planning, Essbase and HFM.
Three months later, they went live with a Transfer Profit solution and today they are using People Planning, Parcel Service, and Diagnostics 123 solutions from the XF MarketPlace. “People Planning added more flexibility with the way we calculate compensation. Integrating directly with our HR system gives us more control and accurate data,” said Neal Yeung, Director of Financial Systems FP&A at Herbalife Nutrition.
Implementing a Unified
With OneStream, everything is now in one place for analysis. Cash flow reporting is automated, and the end users have access to reporting and analysis tools including the Excel add-in, dashboards and Cube Views. Financial statement analysis that was previously done in SharePoint is now also done in OneStream. Herbalife Nutrition is also leveraging Guided Workflow approvals to handle statement analysis forms, which are now easier to update, comment and track.
On the FP&A side, the company is using a driver-based rolling forecast to seed next year’s budget by forecasting revenue and expenses. “Our new planning process using workflows helped to streamline how data was entered and calculated and to provide results quicker, with more transparency,” said Yeung. “We are relying less on manual processes with direct integration of HR data. We’re now able to go back to the source and consolidate information much quicker. Comparing data across multiple forecasts and translating at different FX rates without a waiting period, has definitely improved our efficiencies.”
OneStream provides users the ability to see project code results for revenue and costs – which they didn’t have before in HFM. Now end users have more confidence in the data and are spending less time reconciling. This allows the company’s IT team to concentrate on adding value, rather than troubleshooting issues. “From an IT side, the month-end close is much smoother,” said Gaddam. “The reliability of integrations is better, the system availability is higher, and we are no longer experiencing data loss.”
Process Improvements & More
Hyperion Insurance Group’s regional and local teams have seen many benefits operationally from OneStream. “OneStream is a centralized data model where on one side it provides you the control, with the data all in one place, and audit capabilities wrapped around,” said George. “And on the other side, the users can go in and easily use the dimensionality of OneStream to get down into the detail they need for their reporting. Previously, that was difficult because our data model was very decentralized in Anaplan.”
Before OneStream, the business units were hungry for more information. They wanted a deeper level of detail on their P&L to deliver for their business. Previously, the group would use third party ETLs like Informatica, but OneStream has the built-in capabilities Hyperion Insurance needed. Now with a direct connect between Unit4 ERP and OneStream, Hyperion Insurance can do more interesting types of reporting with employee detail, project codes and local reporting codes.
“Achieving transparency, control, and governance across our international businesses was our biggest challenge with Anaplan,” said George. “And now the individual businesses can do local management reporting with a deeper level of data for analysis. We’ve been able to create a very seamless connection between our Unit4 ERP and OneStream, which works really well. Delivering a solution as valuable to the local businesses as to Group was critical for user adoption and our collective success. Something we are very proud of.”
Hyperion Insurance now has a well-controlled, month-end close process, which is driven by guided workflows. “We’re running a close process across 40 countries and across four divisions, and OneStream has really helped our central teams monitor and control that close process with the level of detail in reporting that we need,” said George. “Having both of those things together has been important for us. OneStream is such a deep product with so much capability. The potential really is huge.”