How Beneva is enhancing operational efficiency through unified HR and finance ecosystems

Introduction

In early 2020, the combination of two major Canadian insurers—La Capitale and SSQ Insurance—was announced, promising enhanced services for Canadians. The merger of equals was finalized by July of the same year, and by December, the new brand debuted to the public.  

The newly formed company, with current assets of $25.1 billion, now serves 3.5 million members and clients, all while employing more than 5,000 employees across Canada. The scale of the union presented an opportunity to modernize operations with innovative solutions that could sort and merge existing complex HR and finance data systems from both insurers.

Challenge

The birth of Beneva created a complex and divided data ecosystem. “The challenge was obvious from the moment the project was announced, as two entities of significant size had different tools,” says Yann Bernier, Vice President, Corporate Finance, Beneva.

Thirteen distinct platforms, spanning HR, payroll, finance, procurement, expense and planning, were now competing for employee attention. Five of these systems hailed from SSQ, while La Capitale maintained eight. Beneva needed to consolidate these systems without losing business integrity.

Building a modern foundation that could unify all of its data was the first step in producing an efficient operating platform. To do this, Beneva needed to simplify and overhaul its chart of accounts and foundation data model. The organization also needed a solution that would construct an intuitive user experience for employees, letting them navigate multiple systems with ease.

Approach

Realizing the importance of all systems working together, Beneva started looking for a single solution for their back-office tasks. They wanted something that could make their operations run smoothly, empower their employees and increase overall efficiency.

Enter Workday—a leading-edge integrated solution that had been recently adopted by SSQ Insurance for their Human Capital Management (HCM), Finance Management (FINS), procurement and planning needs. Its success prompted the extension of Workday to the entire Beneva organization. 

Still, Beneva needed a partner that understood its industry, culture and context, and could provide strategic direction for a dynamic and growing organization. SSQ and PwC Canada had worked together before, and the organization’s knowledge and track record in the financial services industry, as well as its global reach, made it the ideal partner for Beneva’s journey. The teams worked together closely, with PwC supporting Beneva in setting up and modeling new business processes resulting from the merger of equals.

Beneva’s effort to deploy HR and finance data systems to work together went beyond just technical execution. Having effective governance and ongoing support would be important for long-term success. So, Beneva asked PwC Canada to define a new Workday governance model, custom-fit for their business. This was more than just an implementation—it was an opportunity to shape a strategic asset.

Impact

Beneva’s workforce gained self-service capabilities and standardized processes through the Workday platform. “Workday is extremely user-friendly, and people really appreciate being able to input the data in the system themselves,” says Ouellet. “By eliminating all transactional activities that have no added value, Workday has brought a lot of efficiency and clarity to our operations.”

Additionally, pay schedules were aligned, making financial operations smoother for all employees and retirees. Now, workforce planning is seamlessly integrated into cost allocation for various insurance products. The insurer’s ability to consolidate accounting standards and legal entities, including IFRS 17 reporting, was also greatly improved.

Similarly, the governance model focused on making sure decisions and changes to the Workday solution matched corporate and business unit goals. This flexible framework made decision-making easier, ensuring that each step during the project fit well with Beneva’s vision. The support model also connected the different parts of the company, like its business functions and IT. This helped with ongoing maintenance and optimization of the Workday solution, making sure it could adapt to changing business needs.

By leveraging the Workday Alliance to aid in reducing their core corporate systems from 13 to three, Beneva has been able to simplify operations and drive efficiencies—improving back-end architecture and front-end experience, while paving the way for growth.

Conclusion

Beneva’s Workday implementation holds valuable lessons for Canadian enterprises seeking growth and operational efficiency. Integrating HR and finance data systems is not just a technical want; it’s a strategic must-do. As Bernier notes, “The implementation of Workday is part of the foundation for Beneva and positions us to take our corporate integration to the next level.”

Coordination, especially after a merger where disjointed systems can prevent growth, is a critical part of any enterprise’s journey toward long-term success. By embracing Workday and partnering with PwC Canada, Beneva united its systems, setting a strong example for other Canadian companies aiming for excellence during periods of growth and change.