Implementing a Superior Strategy for Insurance Investment Reporting
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Overview: Insurers using an Integrated by Design investment portfolio reporting system delivered as an outsourced Software-as-a-Service (SaaS) solution realize advantages unmatched by disparate, on-premise systems reliant on middleware and manual processes. This demand for timely, accurate, actionable portfolio information delivered in an easy-to-consume manner has exposed the shortcomings of installed, legacy systems and the manual processes that accompany them. Turmoil in the financial markets in the wake of the sub-prime mortgage crisis has intensified the need for investment portfolio transparency for key constituents (i.e. senior management, the investment team, treasury, accounting, financial reporting, and tax units) in insurance companies.
Systems for monitoring, managing, and reporting on financial assets are mission-critical, particularly in a volatile investment environment. Yet, far too many insurers rely on legacy systems that are outdated, expensive to maintain, limited in portfolio visibility, ineffective for assessing risk exposure in a timely fashion, and heavily reliant on time-consuming, error-prone manual reconciliation.
"While insurers have become very comfortable with many tools and technologies within operational silos, the industry at large has not invested in the capabilities needed to correlate all of its risk exposures and track their interdependencies." The Economist Intelligence Unit Survey 2009.
This white paper will examine the investment reporting challenges facing insurance companies today and offer pragmatic solutions to address those challenges and transform business processes.