Aptitude Software enables insurance CFOs to address regulatory reporting requirements, improve Enterprise Risk Management (ERM) and optimize capital management.
Our unique approach empowers insurers with the financial data foundation and tools needed to drive the business forward with complete financial transparency, control and insight.
Benefits that we help insurers to achieve include:
- Address regulatory and reporting gaps with agility
- Increase confidence in reporting
- Achieve operational efficiency
- Unlock value beyond compliance
- Get more value from your investments in technology
Insurers in Europe and across North America are challenged to have the data and systems in place to provide accurate and transparent reporting, such as that required to systemize Solvency II calculations and submissions.
“New data will be required for the liability calculations and reporting disclosures. The level to which calculations are required (unit of account) could have a significant cost implication. The reporting flows and interfaces will need review and possible updating as a result. A fundamental different style of income statement (notably for life insurers) is also likely to necessitate what could be a significant overhaul of general ledgers, consolidation tools and reporting.”
But amidst regulatory challenges, market forces and technological advancements are also disrupting the insurance industry. Insurers are focusing on differentiation through data analytics and digital transformation. Gaining information advantages requires at its core connecting and integrating data, so that new information insights can be tapped.
Insurance CFOs and their teams need new systems and technologies to get and stay ahead amidst a changing competitive landscape, new business models and ongoing pressures to reduce costs.
Aptitude Software brings together people, processes and technology in order to help insurance CFOs gain a competitive edge.
Increase reporting confidence
- Meet the market’s need for clear, concise and timely disclosure
- Systemize Solvency II reporting processes
- Trace financial results down to individual policy numbers and history
- Achieve regulatory and reporting agility
Improve operational efficiency
- Deliver multi-GAAP and IFRS accounting from same data set
- Address new accounting standards efficiently such as IFRS 4 phase II, IAS39/IFRS9
- Centralize control of accounting, reducing reliance on accounting embedded in legacy underwriting systems
Unlock value beyond compliance
- Embed policy and risk information in strategic decisions
- Industrialize internal model calculations
- Optimize capital management with more accurate, more detail information