Five Innovative Practices in Financial Analytics for the Insurance Industry
VICTORIA, BC and MANCHESTER, NH--(Marketwired - Aug 29, 2013) - UNIT4 Business Software, the North American subsidiary of UNIT4 (EURONEXT AMSTERDAM: UNIT4), the global enterprise software provider for Businesses Living IN Change (BLINC)™, today shared its UNIT4 checklist on innovative practices for implementing analytics in finance accounting software to help insurance companies grow in a challenging and continually changing marketplace.
"Insurance companies are facing change on an ongoing basis -- new regulations, additional product lines, competitive challenges and more," said Shelley Zapp, CEO of UNIT4 Business Software. "The companies who are able to view their finances in real-time, quickly and accurately analyze profitability, and highlight areas of opportunity and concern, can make better decisions to manage and grow their businesses."
Based on decades of industry experience with leading enterprises, UNIT4 Business Software has identified the following checklist of five innovative practices for insurance companies to implement financial analytics.
- Make sure you are working with the right data. Combine Accounts Payable, Accounts Receivable and General Ledger in a single-ledger to have one "version of the truth." Capture your data from the right sources, structure it for maximum accessibility and flexibility and enable seamless integration between the accounting system, the ERP system and other key operational systems.
- Enable organization-wide visibility cross-borders. For multi-national companies it's important to use a financial system that facilitates multi-language, multi-currency and is able to handle multiple regulatory requirements such as GAAP and IFRS, so that you have financial visibility across all of your offices and divisions, regardless of where they are located.
- Use flexible reporting. Establish a "one-to-many" system maintenance approach so that any change you make in one area of your accounting system will automatically be carried over to reports and system routines.
- Democratize the information. Make it easy for the right people across the organization to access the information they need. By making key insights available to a broader group of people, you will benefit from better, smarter decisions organization-wide.
- Don't implement a "one-size" fits all measurement model. Provide targeted reports that accommodate the varying needs of different departments. Flexible, multi-dimensional reporting will allow different departments or lines of business to measure and view metrics in the way that suits them best.
About UNIT4 Business Software
UNIT4 Business Software is the North American subsidiary of UNIT4, a $624 million global business software and services company that creates, provides and supports software for Businesses Living IN Change. It offers solutions that help these fast-changing public, private, non-profit and higher education 'BLINC' organizations embrace business change -- simply, quickly and cost-effectively. UNIT4 Agresso, the company's flagship Enterprise Resource Planning (ERP) suite and UNIT4 Coda Financials, its best-of-class financial management software, are used by 6000+ organizations in more than 100 countries. For more information visit our website or follow the company on Twitter, LinkedIn and our company blog.