Finance, Accounting and Payments

A Complete Array of Insurance Software Solutions

Contending with regulatory compliance requirements, pressures to boost earnings, and the pursuit of cost reduction and efficiency improvements, insurance providers need powerful insurance systems and technology on their side. That’s why FIS™ offers comprehensive insurance software solutions that are proven to streamline accounting; reconciliations; compliance; payments; and financial, investment and tax reporting.

  • Simplify financial analysis through advanced insurance software.
  • More effectively manage risk and achieve greater compliance.
  • Streamline insurance systems and processes and gain new efficiencies.
  • Enhance the decision making process by more easily accessing more comprehensive data.

Financial Accounting and Reporting

Manage All Financial Data in a Single Insurance System

In this compliance-driven environment, you need greater access to information, scalable accounting solutions and improved decision support. FIS™’ Enterprise Accounting System (EAS), an insurance software solution for financial accounting, management and reporting, allows you to choose the functionality you need – accounts payable, bank reconciliation, budget and forecasting, cost allocations, general ledger and statutory reporting.

  • Simplify financial analysis and reporting by aggregating all financial data in a single, secure location.
  • Access your central repository of financial data to develop financial statements and reports, build budgets and forecasts, and track allocations.
  • Quickly and easily import data using an intuitive interface and generate reports from our insurance system with the touch of a button.
  • Conquer the regulatory and statutory filing conundrum with automated interfaces for many annual statement electronic filing packages.

Financial Reconciliations

Increase Transparency with Integrated Reconciliation Software

With the introduction of Solvency II and more stringent regulatory requirements for processing and accounting transparency, choosing the right reconciliation software is essential. Integrated with FIS™’ insurance software, or operating standalone, our IntelliMatch Operational Control solution suite helps insurers better manage data integrity among policy administration, general ledger and critical internal systems, while reducing operational costs and risk.

  • Simplify the complex balance sheet month-end reporting process by automating account reconciliation, substantiation and attestation, while supporting IFRS 17 and other regulatory reporting requirements.
  • Demonstrate data accuracy between systems and deploy lineage controls to improve operational risk management and support Solvency II.
  • Streamline your claims and accounts receivables process through automated matching and workflow.
  • Reconcile your cash and custody assets to optimize funding and ensure reporting accuracy.
Finance Accounting and Payments - Financial_Reconciliations

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SWIFT Certified Application Reconciliation 2018

Investment Accounting and Reporting

Gain a More Comprehensive Portfolio View

Insurance executives are under pressure to improve earnings and investment income, reduce expenses, and enhance portfolio risk management. In conjunction with our insurance software, FIS™ offers Investments, an insurance investment accounting and reporting solution designed for North American carriers, which delivers investment portfolio tax, GAAP and NAIC reporting. In addition, our InvestOne solution offers portfolio monitoring and control with multiple views of account structures in real time.

  • Gain a snapshot of your investment portfolio with actionable business intelligence dashboards and board-ready reports.
  • Monitor the health of your investment portfolio more closely.
  • Discover new insights into investment performance so you can make better business decisions.
  • More accurately quantify risk and gain a deeper understanding of portfolio allocations.
  • Fully integrated general ledger and accounting features.
  • Adapt more readily to the changing insurance regulatory reporting environment and more quickly develop regulatory filings.

Payments and Liquidity Management

Improve Cash Flow while Gaining Efficiencies

Driving free cash flow in a predictable fashion is the goal, but firms are challenged by manual processes, disparate systems and poor workflow automation. FIS Integrated Payables from FIS™ integrates with our insurance software to ensure stringent treatment of trade receivables, sophisticated treasury and cash management, and coordinated execution of payment processing with SWIFT connectivity.

  • Gain real-time visibility into cash.
  • Improve decision making with cash positioning and forecasting.
  • Manage multiple bank relationships from a central point.
  • Achieve compliance with capabilities that enable segregation of duties.
  • Improve cash pooling, sweeping and zero-balancing.
  • Mitigate risk by aggregating counterparty information.

Reinsurance Transaction Management

Lower Costs and Improve Efficiencies with Reinsurance Software

As contracts increase in complexity and quantity and reinsurance plays a more prominent role in risk mitigation, insurers must seek ways to improve operational efficiency. ProCede from FIS™ is a source-independent reinsurance management software solution that helps you create workflow efficiencies, deepen your understanding of the reinsurance business, and provide standardization and uniformity of information.

  • Achieve better transparency into the health and wealth of your reinsurance operation through dedicated resinsurance software.
  • Reduce the inherent complexity of reinsurance tracking.
  • Improve accounting, claims and cash control.
  • Automate accounts payable and accounts receivables.
  • Gain easier, faster access to information and generate timelier reports.
  • Benefit from a single, centralized solution that is secure, auditable and repeatable.

Statutory Reporting

Manage Regulatory Filing Efficiently with Insurance Software

Constructing annual or quarterly filing statements is tedious and fraught with opportunities for errors and omissions. Ensuring that all parts of the statement are present, complete and error-free takes time – something in short supply when attempting to meet filing deadlines. As part of our insurance software solution suite, FIS™’ Statutory solution can help.

  • Improve statement accuracy and reduce data entry through seamless integration with other products.
  • Reduce the learning curve with intuitive screens and functions.
  • Integrate easily with other FIS insurance software and financial software solutions, as well as with other third-party systems.
  • Adopt a flexible delivery method for superior customer service.
  • Generate all parts of the electronic filing with a single click.
  • Manage changes to NAIC and statutory filing requirements, with advice from FIS’ regulatory experts.

Tax Reporting

Automate Tax Reporting and Concentrate on Client Service

While superior tax information reporting doesn’t win customers, poor reporting can lose them. Aligned with our range of insurance software systems, Wall Street Concepts is a suite of solutions from FIS™ for widely held fixed investment trusts (WHFITs), real estate mortgage investment conduits (REMICs), long-term original issue discount (OID) bonds, master limited partnerships, mutual funds and real estate investment trusts (REITs).

  • Focus your time and energy on managing client relationships, not preparing tax reports.
  • Reduce costs by becoming more independent from print vendors.
  • Lower the cost of maintaining in-house compliance and insurance software solutions.
  • Substantially reduce the number of corrected 1099s.
  • Improve accuracy with tools that help you stay abreast of new tax structures.

Trading Compliance

Achieve Insurance Investment Compliance and Greater Risk Visibility

As regulatory bodies become more aggressive and improve their global coordination, you need help managing the resulting data and processes so you can react quickly to new mandates. Integrated with our insurance software, the Protegent trading compliance suite gives you greater visibility into potential risk factors for insurance investment compliance while increasing efficiency and transparency.

  • Identify patterns of trading behavior that may indicate market manipulation or insider trading before they compromise your firm’s reputation.
  • Fully administer the entire staff personal trading process to ensure that conflicts of interest are managed appropriately.
  • Streamline initial and ongoing customer due diligence, Know Your Customer (KYC) and anti-money laundering (AML) processes.
  • Establish policies that leverage social media as a viable and effective means of customer outreach.
  • Keep up with regulatory changes and ensure that staff are in step via policy dissemination and continuing education.
  • Create efficiencies in commissions processing to help ensure proper payouts and payment holds.
Finance Accounting and Payments - Trading Compliance