Solutions for the Insurance Industry

Insurance companies continue to face conflicting demands as they contend with factors, such as high profile catastrophic events, actions to strengthen capital positions, the potential for radicalchanges in distribution, as well as ongoing pressures form regulators and external agencies. These demands make finding acompetitive edge difficult and retaining it even harder.

SunGard’s AvantGard suite of solutions for the insurance industry provides insurers support for treasury, reconciliation and exception management and payment – offering an automated approach to many of an insurer’s essential areas of concern.  Regardless of whether you are a life, health or property/casualty insurer, SunGard solutions will be able to provide you with the tools that you need to adapt to the evolving state of the industry, as well as to remain on top of the competition.

Treasury & Risk Operations
Insurance companies without timely, reliable access to accurate information face the risk of poor audit reports, penalties and even investigations. SunGard’s AvantGard suite of treasury solutions for the insurance industry solves this problem by introducing standardized workflows and functionality, while at the same time offering enough flexibility for you to keep aligned with changing business and regulatory needs.

Reconciliation of Cash Flows and Ledgers
When it comes to visibilty of cash, insurance companies today are responsible for ensuring that as they obtain more business, visibility and control over all cash inflows and outflows. This can be a daunting task considering that regulatory controls and risk exposures are on the rise and settlement time frames are shortening.

In order to ensure successful growth, it is essential for insurance companies to reconcile their balance sheet accounts at the end of a period, whether this is quarterly, monthly or even daily, as part of their closing process. Engaging in this activity will help to identify transaction disparities before they evolve into costly mistakes during closing. factors such as differences in the timing of checks can cause an account to be mismatched and therefore drain cash that could have been directed towards increasing your bottom line profit or even padding investments.

The AvantGard Reconciliation solution helps insurers gain visibility and control by providing real-time matching & reconciliation and integrated exception processing, regardless of the data being processed.

Payments Processing & Direct Debit Workflow
Multi-national insurance companies are under ever more pressure to devise ways to manage their cash more effectively. Many companies today are managing their payments processing and bank accounts in one of three ways – regionally, at the business unit level or at the subsidiary level. While these methods may offer a certain degree of flexibility, they often result in poor visibility and high ownership costs.

AvantGard Payments is designed to address an insurer’s key areas of concern pertaining to cash management. This single solution allows insurance companies to automate and centralize their payments processing across all regions, affording them increased control. As well as initiating payments to customers, incoming payments can be requested such as premiums from customers through a direct debit workflow.

Benefits:

  • Increased Productivity
  • Reduced Transaction Costs
  • Maximized Investments
  • Segregation of Duties for Compliance
  • Perform Detailed Tracking & Audit of Cash Outflows
  • Automate Direct Debit Processing

EcoSystem Connectivity:
Improve payments processing by connecting across the EcoSystem to banks, check printing software and services, and SWIFTNet.