It’s time to modernise your approach to finance in insurance.
From reinsurance to life and from property to multi-line, finance managers within the insurance sector are facing numerous challenges in today’s digital economy.
We recently published a blog which outlines some of the reasons insurance organisations are struggling to modernise their finance and accounting systems.
Choosing the right accounting system to support this growth is critical to enable the cost savings that shared services deliver. Here is how Aqilla can help:
- Effective financial controls in place, with a particular focus on compliance
In such a highly regulated industry, security and auditability are paramount and an audit facility that enables the recording of activities against any aspect of the system, by any user, is essential.
- Ability to manage P&L, Balance Sheet and variance analysis
Controlling costs across disparate systems can be extremely difficult, often requiring inefficient manual processes. A cloud-based infrastructure enables the use of workflows to control costs across the entire business. Aqilla’s multi-company capabilities offer a flexible approach to bringing together and accounting for new syndicates and companies into a single unified structure. Rules, behaviours and workflows can shared automatically or adapted to circumstance
- Seamlessly prepare and submit VAT returns
Gone are the days of waiting months (if not years) to see a new product release, monolithic software development approaches don’t have the agility to support a mobile, disparate workforce. The “Making Tax Digital” initiative from HMRC is a perfect example of the continually changing approach organisations have to doing business.
- Quickly complete month end procedures
The use of combined or unified ledger ensures all transactions are balanced at point of entry without the need for control accounts, removing the need for lengthy period/year end reconciliation.
- Touch of the button preparation of monthly cost of sales calculations
Aqilla’s modern architecture allows the use of custom fields to capture more information and provide more detailed reporting and analysis. You can easily create pivot reports that show analysis by policy, group, syndicate, insurance product group, location, department etc.
- Provision of other key financial information to support growth
In a fast changing insurance and reinsurance marketplace or If you are following an acquisition-led growth strategy, savings are often made by combining shared services such as risk management, underwriting, accounting and IT to deliver economies of scale. When integrating new companies within a group structure migrating data from legacy systems into the core accounting software needs to be fast and reliable. New companies can be created quickly within Aqila and existing companies can be used as templates to enable rapid deployment. If the acquired company has a different business model this can easily be accommodated within the multi-company environment
- Longevity (have you switched to Cloud?)
One of the most challenging and important aspects of growth is the ability see a single all encompassing view of the business’s performance, through consolidated on-demand management accounts that are error free and available instantly at the end of each period, be that based upon calendar, financial, policy or a risk event. By adopting a cloud strategy for financial reporting and accounting you benefit from a scalable platform that requires none of the infrastructure planning and costs that an on-premise solution requires. The on-demand nature of cloud means you can focus on your core activities driving customer value without worrying about any of the aspects of meeting the needs of stakeholders.
Want to see more?
Watch this webinar and learn:
- How the right tools can improve performance
- The importance of integrating finance across the business
- What contribution finance can make to save costs and increase productivity
If it sounds like Aqilla can support initiatives within your business we would be happy to invest 30 minutes to discuss/demonstrate our approach. Click here to get in touch.
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