Streamline insurance accounting and reporting with a unified general ledger and financial management solution
Comprehensive | Flexible | Trusted
How can insurance accounting software simplify financial management?
Insurers face complex, overlapping accounting and reporting demands. FIS® Insurance Accounting Suite is an insurance-specific platform that enables property and casualty, life, health, fraternal insurers and more to manage multiple account bases, automate financial reporting and align accounting across finance, compliance and technology teams.
Achieve real-time financial visibility
Fragmented financial data limits CFOs’ ability to drive performance and profitability. Gain trusted, real-time financial insights through centralized data and comprehensive reporting to make faster, more informed business decisions.
Manage multiple bases in one ledger
Chief accounting officers juggle multiple reporting requirements, from statutory and tax to U.S. GAAP and IFRS 17. Manage multiple accounting bases within a single general ledger, reducing complexity and the need for separate or duplicate charts of accounts.
Accelerate financial close processes
Faster close cycles require accountants to automate journal entries and improve data quality. Reduce manual data entry, streamline workflows and minimize input errors with integrated processes that improve efficiency and increase confidence in reported results.
Integrate with existing platforms
High support and integration costs put pressure on CIOs to modernize and scale technology efficiently. Reduce technology complexity with a scalable architecture that integrates with existing insurance and finance ecosystems while preserving current investments.
Scale with flexible deployment
Finance IT leaders struggle to balance support, scalability and ongoing technology evolution. Scale effortlessly with flexible deployment – on premises, private cloud or FIS-hosted – so accounting teams can add new products and business lines without IT involvement.
One system for journal entries, reporting and budgeting
Simplify insurance accounting with an intuitive platform that streamlines financial management and accounts payable automation. Insurance Accounting Suite makes it easier and faster to make journal entries, create financial statements, build budgets and forecasts, track allocations, import data and access reports.
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Streamlining complex financial reporting processes
Manual financial reporting slows insurers down. AJ Cloukey, Finance and Investment Director at MMG Insurance, shares how Insurance Accounting Suite helped MMG automate manual processes, accelerate financial reporting and improve operational control.
What support services are available for Insurance Accounting Suite clients?
From professional services and customer support to software development, the teams behind Insurance Accounting Suite bring years of insurance industry experience to their role, so we understand exactly what insurance accountants need. Each year, our professional services team also leads two-day user group meetings to share best practices and discuss future roadmap plans.
How does Insurance Accounting Suite connect with the insurance ecosystem?
As part of FIS’ ecosystem of insurance technology and services, Insurance Accounting Suite integrates with solutions for policy administration, statutory filing, investment accounting, actuarial modeling and risk management. We help insurance firms of every type digitally transform and streamline operations from front to back, empowering people and processes across the insurance lifecycle.
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Learn more about how FIS can help you transform operations across the insurance lifecycle, empowering your teams and optimizing processes from front to back.
Insurance Accounting Suite
Insurance-specific general ledger handles multiple books of business, such as statutory, tax, U.S. GAAP and IFRS 17 reporting, in one system
Integrated accounting modules automate AP, budgeting and forecasting, allocations and reporting for efficiency and accuracy
Insurance accounting and reporting software built to scale
FIS® Insurance Accounting Suite delivers a single, automated platform for accounting and reporting with modules you can integrate as you need. With a centralized data repository, you can also access accurate financial data in real time for analysis and reporting.General Ledger
Manage multiple accounting bases in one ledger
The General Ledger module supports multiple accounting bases, including cash, accrual, statutory, tax, U.S. GAAP and IFRS 17, so you can meet various reporting requirements without adding to your chart of accounts. With the ability to quickly deliver standard or customized reports by querying between accounting bases, you can report aggregated data across your company or companies, or manage data by line of business, state, region, project, cost center, product, agent, distribution channel or any other criteria.
Accounts Payable
Automate invoice processing and disbursements
The Accounts Payable module helps automate invoice management from receipt through final settlement. It’s designed to track every invoice, process transactions by producing checks and initiating transfers, and post the accounting details to your general ledger. Soon, AI-powered optical character recognition technology will scan invoices and populate your Insurance Accounting Suite database automatically.
Accounts Payable Workflow
Route invoices through configurable approvals
The Accounts Payable Workflow module automates the capture and routing of insurance invoices for approval and payment, preparing them for onward processing by Insurance Accounting Suite. Independent security lets non-accounting users approve invoices, while every step flows through standard payment controls and captures the accounting in the general ledger.
Statutory Reporting
Streamline regulatory filings across insurance lines
The Statutory Reporting module automates the regulatory reporting process to help reduce manual data entry, inefficiencies and errors. It produces financial exhibits for annual and quarterly statements across property and casualty, life, health, general and fraternal business lines.
Budget and Forecasting
Model business scenarios and forecast with confidence
The Budget and Forecasting module enables you to create multiple budgets and analyze current activity across business and product lines. It allows you to test different scenarios and business propositions, set variance tolerances, and use historical data to identify and report on trends that inform forward planning.
Allocations
Distribute costs with insurance-specific precision
The Allocations module builds pools of statistical or actual activity to generate allocation formulas and ratios tailored to your insurance business. Distributions stay separate from accounting journal entries to preserve transaction integrity, giving you enterprisewide visibility into budgeting and allocations.
Insurance Risk and Accounting Suite
Unify IFRS 17 accounting, subledger and reporting
FIS® Insurance Risk and Accounting Suite provides a complete, end-to-end platform for IFRS 17 reporting. Designed for efficient storage and processing of data, it automates workflow and data management to optimize governance and control while integrating with your general ledger.
Frequently asked questions about insurance accounting software
What is an insurance accounting platform?
An insurance accounting platform is purpose-built financial software that manages the accounting, reporting and disbursement processes specific to insurance companies. It also supports multiple accounting bases and data dimensions within a single general ledger.
What should insurers look for in insurance accounting software?
Insurers should look for insurance accounting software built to handle statutory, tax, U.S. GAAP and IFRS 17 reporting and support analysis across lines of business, regions and products. Compliance controls and flexible deployment options are also important.
How can insurers manage statutory, US GAAP and IFRS reporting in one system?
Insurance Accounting Suite enables insurers to manage multiple books of business, including statutory, tax, U.S. GAAP and IFRS 17 reporting, in one system through a single general ledger and chart of accounts.
How does an insurance accounting general ledger work?
An insurance accounting general ledger acts as the central hub for financial data. It captures dynamic journal entries, supports work-in-progress entries for scenario analysis, maintains an audit log of database activity and enables direct retrieval of data into Excel.
Let’s keep our conversation going
Learn more about how FIS can help you transform operations across the insurance lifecycle, empowering your teams and optimizing processes from front to back.
Research report
FIS and PYMNTS Intelligence surveyed 2,754 U.S. consumers to uncover how shoppers discover, assess and act on offers – and why discounts often fail to close a sale.
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