Insurance

Insurance accounting and finance reporting software

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
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Example use case

Problem

A division within one of the world’s largest reinsurer’s was looking for a solution to tackle the growing complexity around internal and external reporting requirements. The challenge included providing consistent reporting and drill down capabilities across finance and producing all valuations and estimates in parallel and out of the same system.

Solution

The organization selected two Aptitude Software applications, the Aptitude Accounting Hub and Aptitude Allocation Engine, as strategic components of their finance transformation.  This solution will help the organization centralize accounting, manage complex calculations and tackle the growing complexity around internal and external reporting requirements.

Results

The combination of a flexible finance calculation engine, (AAE) working with the Aptitude Accounting Hub delivers a fully integrated financial processing architecture, with front-to-back data lineage. This holistic solution combined with the ability to understand and handle complex scenarios, demonstrated Aptitude Software could power a finance transformation.

  • Enables parallel methods for revaluation of insurance contracts
  • Supports varying regional GAAPS and group reporting.
  • Provides an operational data store and historical trade warehouse
  • Enables monthly close, increasing financial control
  • Reduces manual time and effort around acquisition on-boarding

Supporting Documents