Finance managers require a fundamental selection of reliable methods and utilities that assist them with taking care of their business, and enhance their not only their own workload and team, but their organisation as a whole, and no place is that more true than within the insurance sector. As we are now firmly cemented within the 2020’s, finance pioneers are needing to guarantee that they advance their systems and capabilities in order to flourish.
In this post we’re taking a peek at 4 of the main aspects that the leading-edge insurance finance manager needs, including;
- System integration/implementation
- Process Automation
- Consolidation and separation
- Round-the-clock access
Table of Contents
One of the groundwork aspects of a smooth financial framework is the implementation of coordinated finance systems.
Insurance has, for a really long time, experienced siloed information sources, with functional frameworks that don’t converse with finance, and in turn won’t converse with banking.
The foundation of one singular source of information, with frameworks that are coordinated progressively and don’t need a conglomeration of Excel boffins to make it work must be one of the essential focus points of any development process within the sector.
Automation has rapidly developed in large amounts throughout recent years, and it no longer needs to be necessary to have manual handling of tasks that are regular and repeated. Automating areas such as payables, receivables, and costs are currently typical within the industry, however it is vital to drive this further.
After eliminating the requirement for human mediation in all ‘assembly line system’ cycles, we can free up the users at any point in order to do the genuine value-adding tasks that the insurance area is in dire need of.
Consolidation and Separation
The capacity to merge across divisions, channels, and individual elements ought to be natural to any insurance finance office.
A typical outline of accounts and reasonable project, capability, and departmental detailing of reports all assist the CFO with collating a rolled-up image of the business overall.
All the same, it must be feasible to rapidly separate the organization into its constituent parts to analyse profit reporting by item, business, or channel.
Having the option to ‘cut down’ in this manner supercharges the detailing and report capacity of any financial process.
In the current technological era, is cannot be satisfactory for information to require days, or even weeks, to move up into a complete report. Insurance managers need the data to assist them with essential decision making, and it should be accessible in as much of a live and up-to-date manner as is feasible.
A piece of the computerized change process should be the arrangement of ongoing data to permit that to occur.
Automating development is always evolving
It would be a slight error to feel that once you have a brand-new framework fully integrated that you have done and finished with the task. Truth be told, the course of automating and digital change can be quite difficult for current insurance managers as it is constantly changing and evolving.
The introduction of new innovations, new plans of action, and new potential hazards confers that for the insurance business all in all, and finance managers specifically, the overall picture is continuously evolving.
If you would like to find out more information about how to get support for your insurance company, you can find out more about how Itas and Sage Intacct can assist your organisation embrace the new era of digital transformation and kick your success into hyper-speed.