Skandia Retail Europe Holding GmbH Standardizes Workflow with Division Upgrade
 
 

Skandia Retail Europe Holding GmbH Standardizes Workflow with Division Upgrade

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As part of the Old Mutual Group, Skandia Retail Europe combines Skandia Austria, Skandia Germany, Skandia Switzerland, and Skandia Poland into one effective financial solutions provider for central Europe’s retail segment. The Skandia businesses were established in the nineties to offer innovative and flexible unit-link products through qualified, independent financial advisors, banks, and institutional distribution partners. In 2009, the formerly autonomous local businesses united, producing a long-term savings, protection, and investment provider that leveraged the group’s capabilities. Skandia Lebensversicherung AG, the German unit of Skandia Retail Europe, started in Germany in 1991. It had more than 360,000 customers and managed an insurance sum of €12.4 billion at the end of 2010. Its solvency-coverage ratio of more than 200% far exceeds the region’s legal requirements.

 
 

 
 

Challenges

A word from Skandia Retail Europe Holding GmbH

  • “We are very pleased that we managed to move to Oracle’s JD Edwards EnterpriseOne Release 8.12 within three months, simultaneously in Austria, Germany, and Switzerland. We have received a lot of new functionality and been able to streamline our procedures.” Nina Tiepold, Head of Accounting, Skandia Austria Holding AG

  • Migrate and upgrade Skandia’s central European division to unify the enterprise resource planning (ERP) system and help develop common standards within the global group
  • Implement the project simultaneously in Austria, Germany, and Switzerland within three months, within one quarter
  • Integrate new and different processes to ensure a workflow that meets the group’s demands for individual subsidiaries
  • Customize applications to each country’s specific demands

Solutions

Oracle Product and Services

  • Upgraded to Oracle’s JD Edwards EnterpriseOne Financials Release 8.12, a stable, scalable financial management platform that is common to many divisions within the global group, with Skandia Retail Europe Holding GmbH leading the implementation
  • Customized the solution to the varying conditions in the individual countries, for examples, meeting challenges of account structures, laws and requirements on reporting structures, and working with various currencies
  • Ensured that the system’s workflows meet the requirements of all companies
  • Improved communication between users in the different countries due to standardization
  • Saved time and reduced costs with improved functionality and procedures
  • Engaged Oracle Partner Centric IT Solutions to help implement the system in less than three months, simultaneously in Skandia Austria, Germany, and Switzerland, which enabled the subsidiaries to create quarterly financial statements properly before and after the introduction

Partner