Cloud technology has taken centre stage for insurers during the Covid-19 pandemic with its flexibility facilitating remote working, reduced operating costs and process efficiencies.

PwC wins the Best Use of Cloud Technology award for the way it has supported one of the largest UK general insurers in implementing a multi-year finance and accounting transformation programme using Oracle cloud technology.

To ensure the project can be delivered in less than three years, with incremental releases going live every six to seven months, PwC acted as the insurance client's system and business integrator partner.

This involved PwC and the client creating a team driving the transformation programme across two waves. By the end of 2020, wave one is completed and wave two is 50% completed.

As part of the programme, millions of records were transferred from on-premise applications to the cloud and PwC says this was all undertaken while ensuring end-to-end data integrity.

PwC also brought in several cloud technology accelerators in the overall project to support the development of the overall solution design.

PwC says the first wave of the project - delivered on time and within budget - delivered new and improved capabilities for the insurance client in areas such as consolidation, external reporting, financial accounting and financial operations.

The firm says another key feature of the project was the client had early insight and hands-on system experience during design and implementation.

InsuranceERM's judging panel praised the approach to implementing the cloud technology project. They liked the disciplined agile methodology across a number of highly technical teams, which delivered significant efficiency savings and control enhancements.