West Bend Mutual Insurance (WBMI)

Discover how our OneStream implementation services enable your organization to streamline the financial close, report with confidence, and deliver faster, more accurate insights to stakeholders.

Streamlined Close Complete Transparency Internal Controls

In addition to time savings from automated cashflow, the real-time financial presentation of close results has reduced turnaround time. We gained self-service reporting abilities for results throughout the close cycle, eliminating the tedious time it took to create and reconcile reports to instead provide deeper analysis on those results. We also gained the peace of mind that comes with consistent allocation performance.

Heather Dunn
Vice President & Chief Financial Officer
West Bend Mutual Insurance

West Bend Mutual Insurance (WBMI), one of the largest insurance providers in the U.S., migrated from error-prone Excel spreadsheets to the OneStream software platform.

Implementing OneStream allowed WBMI to streamline the close process, create transparent reports, and establish strong internal controls.

Consistent, stable allocation process.
Real-time presentation of financial results.
2 Days saved per month-end close.
Accelerated analysis of financial performance.
More time to review user access & security changes.

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The Problem

Why West Bend Mutual Approached HollandParker?

WBMI was challenged to meet reporting requirements, achieve data visibility, and maintain internal controls due to a fragmented approach to data collection, validation, and reporting. Further, the transparency by operations to financial detail was limited.

Relied on Excel spreadsheets as a data collection and reporting tool for month-end close.
Allocations were performed in a different software tool with size constraints.
Inconsistencies in data collection created labor-intensive and error-prone close process.
Unable to analyze data to verify whether activity aligned with business objectives.
Needed software solution to handle a broader scope of financial activities with built-in IT support.

The Solution

How We Approached the Problem

We implemented OneStream XF software in multiple phases. Phase 1 supported financial close, including allocations, reporting, annual budgeting, and account reconciliations; Phase 2 supported planning and the implementation of OneStream XF MarketPlace solutions. WBMI was positioned to meet financial reporting and future planning requirements:

Direct Connect to general ledger to pull periodic data and aggregation for YTD loads.
Work-Flow profiles based on the delegation of responsibilities.
Cube views to report consolidated balance sheet, income statement, and cash flow.
Additional views for both external and internal reporting.
Task Manager to organize and streamline the monthly close process.
Allocation of expenses across product level, expense categories, profit centers, and states.
Confirmation rules to validate data loads, financial statement completeness, and allocation accuracy.