Meeting challenges facing the Finance team

Sector: Insurance & Underwriting

Increasing competition is placing a significant 'squeeze' on margins. In order to maintain profitability, organisations are seeking to improve efficiency to drive down the cost base and strengthen customer relationships to manage market share. Success in the Insurance sector is increasingly driven by the ability to deliver superior client management and service delivery.

As with all companies operating in the financial services industry, Insurance Companies and Underwriters are facing an increased demand for regulatory compliance.

LAKE solutions based on the market-leading SunSystems are the best value solution to these challenges.

• Comprehensive Insurance industry analysis by Policy, Claim, Line of Business, Department, Branch, Broker/Agent, etc.
   
• Automate the publication of reports in any number of formats, including management reporting packs, in minutes rather than days or weeks
   
• A financial management solution tightly integrated with leading systems for claims and policy management
   
• Support the multi-faceted nature of broking transactions with real time update across multiple ledgers and support financial management processes in insurance brokerage
   
• Manage cash flow. "Pay-as-Paid" functionality only releases funds to a carrier or client when they have been received from the other party. Equally, claims are only settled to the client when funds have been collected from the carriers/underwriters who are bearing the risk
   
• See the carriers to whom you owe money for premiums, and from which carriers money is due for claims. Similarly, carriers can see their position with each client, using our "Principal to Principal" functionality
   
• Produce broker statements in user definable formats
   
• Post in and report on transactions in any currency
   
• Full consolidation of separate ledgers for group/company reporting
   
• Provide management with insightful management reporting, analysis and forecasting
   
• An integrated management information system which allows you to drill into all your finance information - right through to transaction detail
   
• Meet external reporting requirements; FSA, IAS and IFRS compliance