Case Study: a U.S.-based insurance company saves $300,000 annually on audit fees with Workiva

a U.S.-based insurance company saves $300,000 annually on audit fees with Workiva

A U.S.-based insurance company faced an inefficient financial reporting process with a lack of transparency, leading to costly audit fees. This challenge was exacerbated after an expedited IPO. The company turned to Workiva and its Multi-Entity Financial Reporting solution to address these issues.

Workiva implemented its cloud platform to centralize all documents and data, creating a single source of truth with a complete audit trail. This standardized the company's processes and allowed for seamless collaboration with their audit firm. As a result of the solution from Workiva, the company saved $300,000 annually on audit fees, drastically reduced manual work, and significantly improved audit quality and efficiency.