Workiva, creator of the Wdesk cloud-based productivity platform for enterprises, today announced that New York Life Insurance Company continues to expand its use of Wdesk to modernize business data processes within its financial reporting and risk management teams and other finance functions.

New York Life, the nation’s largest mutual life insurance company, has been leveraging Wdesk across the company to gain efficiencies, optimize workflow and save money. “We are evolving the function of our financial reporting team to be better business partners, and to do that, we must spend less time on compiling data and more time analyzing,” said Ed Millay, Vice President and Assistant Controller at New York Life.

The insurer began using Wdesk for Own Risk and Solvency Assessment (ORSA) reporting, and early success drove Wdesk adoption for other business data processes. New York Life also uses Wdesk to improve accuracy and control in financial reporting for its insurance companies and its registered separate accounts products. “Wdesk has helped us improve our financial reporting processes by giving us the ability to integrate and consolidate data from multiple sources, embed comments on disclosures with dozens of contributors, and ensure consistency across many different documents that require similar disclosures,” said Millay.

“Wdesk is helping foster collaboration across the enterprise as the benefits can be leveraged in many different areas.”

New York Life is now considering Wdesk for more processes and reports, as it has demonstrated its ability to help the company streamline its reporting processes so that they are more efficient and effective.