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.
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.
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