As insurance companies have grown, original system architecture has been adapted, partially replaced, rationalized and then – all too frequently – augmented with layers of tactical spreadsheets or other End User Computing (EUC) applications. The results: compromised data; workarounds; poor controls; duplication and poor use of skilled finance resources.
- Paul Bishop, Global Head of Insurance Finance Transformation, KPMG in the UK.
A model for ‘good’ systems architecture for Insurance Finance can result in significant benefits, including:
- greater insight and control over Finance & Risk data; reduced effort and time required to generate information, and greater focus on analysis
- an agile financial consolidation system to easily manage and maintain multiple reporting bases and changes to organization structures
- an integrated planning process allowing management to rapidly respond to changing economic circumstances and quickly access information to gain shareholders support.
The complexity of data flows in an insurance company’s finance systems can seem insurmountable, but it doesn’t have to be that way.
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