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.
As a balance-sheet-driven business that requires unique understanding from within the finance team including how to easily track what’s happening in the instance of policy holders (customers) also being policy claimants (creditors) and is a situation that is becoming increasingly complex, especially as the rest of hte business continues to technologically evolve.
Integration is critical
Integrating systems across all your lines of business enables you to gain access to the vital details you need to make decisions and meet digital regulatory requirements, and yet traditional approaches to finance and accounting shackle the team to “old” information models. These struggle to adapt to the hyper-competitive (and connected) economy.
If you are following an acquisition-led growth strategy, savings are often made by combining shared services such as purchasing, accounting and IT to deliver economies of scale. In most cases the head count for the accounting function is kept to a minimum requiring them to handle a much greater workload to deliver cost savings.
The right accounting system to support growth, and bridge information gaps across the business, is crucial in enabling the cost savings that shared services deliver and meeting regulatory and reporting requirements.
Here is how Aqilla can help:
- 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
- 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.
- 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
- 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.
Mitigate risk and adapt with confidence
Aqila are experts in data migration from legacy systems with tools that enable us to bring data across in double quick time. Our users can access the software from any device that is running a modern web browser. There is no client install and updates are provided every few weeks - with all updates included in the subscription fee.
The subscription model is flexible with only 30 days notice required for any changes and all licences include software support. Maintenance updates are made every few weeks and are provided as part of your subscription.
Watch this webinar and learn: 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.
Want to see more?
Watch this webinar and learn:
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.