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'I particularly liked that LAKE
took the trouble to understand our business model...
.. They listened and then they provided guidance and advice based
on that understanding.'
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Meeting the challenges facing the Insurance and Underwriting
Sector
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.
LAKE has over 18 years experience in providing financial and
business management solutions for companies of all sizes. The
solution includes:
- Integrate to the leading front-of-office Underwriting and
Broking solutions
- Streamline financial management to drive efficiency and
effectiveness improvements and in so doing control costs
- Ensure faster collection and monitoring of financial
information for improved control of overheads
- 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
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