SunSystems Launches Enhanced Insurance Accounting Solution
~ New capabilities address specific needs of insurance market, offer significantly more business value than traditional accounting packages ~
IASA 2004, Las Vegas, NV – Monday, June 7, 2004: Systems Union, developers of SunSystems, today announced additional, insurance-specific functionality within its SunSystems financial management solution. The new functionality has been developed in partnership with a SunSystems customer, a major international insurance brokerage and risk management company. The new enhancements include: pre-customized payable and receivable ledgers, pay-as-paid transaction management and the ability to operate and report with a fourth variable transaction currency.
With these and other capabilities, SunSystems has strengthened its ability to efficiently and effectively address the financial management and reporting needs of today’s insurance operations. SunSystems is currently used more than 400 insurance organizations worldwide.
Pre-customized Insurance Ledgers
One new feature that addresses a long-standing need of many insurance organizations is SunSystems’ fully customized general ledger. At first glance, the ledger operates the same as any traditional accounting ledger. However, because the insurance environment can be significantly more complicated than most markets (especially in reinsurance, underwriting and brokering), forward-thinking insurance companies recognize that a strong competitive advantage can be gained by deploying a pre-customized ledger that offers improved functionality in specific areas.
The SunSystems ledger is now designed to effectively blend the payables and receivables ledgers. This will better accommodate the accounting and reporting nuances of unique insurance business units (such as re-insurance, underwriting and brokering). Most generic solutions do not deliver this level of customization to insurance companies. As a result, insurance companies encounter long and costly customization projects to improve their ledger accounting needs.
“SunSystems is always working diligently with our insurance customers to ensure our solution addresses the needs of insurance companies. With over 400 customers we have an obligation to bring the best product to our valued user community. As such, we believe that this new functionality further empowers the insurance sector’s finance teams. These features enhance productivity and improve reporting – which are key steps to improving the bottom line,” explains Alan Hall, Director of Insurance Sales, Systems Union, Inc. “From our unique pre-customized ledger to our pay-as-paid transaction management, SunSystems delivers a holistic view of the insurance business – from a re-insurer, underwriter or broker perspective.”
New Insurance Feature Details
Some of the functionality added to SunSystems includes:
* Funds are only released to a carrier or client when they have been received from the other party.
* Claims are only settled with client when funds have been collected from the carriers/underwriters.
* Premiums are only paid to carriers/underwriters when received from client.
* Creates linked sets of postings to represent a complete insurance transaction, with controls over maintaining the integrity of the link.
* Facilitates the handling of levels within a hierarchy, particularly important for re-insurance.
* Principal to Principal functionality enables clients to see which carriers are owed money for premiums, and which carriers owe claims money.
* Supports hierarchical structures with many levels, including the capability for the same company to appear at more than one level.
* Brokers can match and settle at different levels within this hierarchy. They can also report on and view postings at detail or summary levels and at any other level within the hierarchy.
* Detailed billing systems postings automatically summarize, as required.
C. Complex Multi-Currency
* Up to four variable transactions currencies with option for fifth rate-based variable currency.
* Supports separate tracking of transaction currency, billing currency, banking currency, settlement currency and reporting currency.
* Full revaluation processing across countries.
* Treasury dealing functionality to record transactions that require Inter-Bank Currency Transfer Requests with matching when deals are made.
SunSystems is the core product range of the Systems Union Group plc, which is quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. The company is one of the largest business software houses in the world, with 24 offices worldwide and some 200 Channel Partners in 72 countries.
Products within the SunSystems range are available in 30 languages with over 18,000 customer sites in some 194 countries. The software solutions are used extensively by multinationals, whose offices worldwide require an international product with a global support infrastructure.
Customers include 45 of the world’s 50 largest corporations, 74 of the FTSE100, one quarter of the Fortune 500.
Some Insurance customers include Willis Insurance, Aon, MetLife and AXIS Specialty.
For more information, visit sunsystemsamericas.com or contact:
Director of Marketing, Americas
Systems Union, Inc.
SunSystems Launches Enhanced Insurance Solution…