Insurance
Embracing Evolution in the Insurance Industry. Streamline Financial Operations and Ensure Compliance with Cloud-Based Solutions.
Adapt to Dynamic Environments with Cloud-based Solutions for the Insurance Industry
The insurance industry has significantly changed in the past decade due to globalisation, regulatory changes, and financial turbulence. Allocating revenue and profit by state and product lines is crucial for planning and reporting company finances.
Insurance companies often rely on outdated systems and manual processes, which can be inefficient, prone to errors, and time-consuming. Moreover, insurance companies face the challenge of complying with complex accounting and reporting standards such as the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
Insurance companies require a planning system that is collaborative, comprehensive, and continuous to effectively support their operations. A powerful solution makes it easy for insurance organisations of all sizes to collaborate, gain visibility into real-time analytics, and streamline complex reporting so they can plan and adapt without compromise. Automation solutions help streamline financial close processes, reducing the need for manual interventions and improving operational efficiency.
Featured Customers
Undertaking digital transformation is a complex yet essential process for businesses operating in the digital age.
Here are some of our customers who have chosen Shearwater Asia to implement cloud-based ERP and EPM system.
Overview of Our Solutions for Insurance Industry
Benefits
- Greater Efficiency and Accuracy in FP&A
- Accurate Cost Tracking and Allocation
- Simplified Budgeting, Forecasting, and Reporting
- Adaptability To Industry Changes
Multi-dimensional Budgeting and Planning
Simulate scenarios and make accurate forecasts. Optimise your budgeting, forecasting, and management processes with driver-based plans that allow for better consolidation and analysis. Maximise productivity with our custom data entry sheets.
Reporting and Analytics
Stay compliant with ever-evolving regulatory requirements in the financial services industry. Equip your business with robust reporting and analytics tools to ensure compliance and adapt to new regulations.
Dashboards Feature
Make real-time adjustments and see an immediate financial impact with interactive dashboards. Generate detailed reports based on business drivers analysis. Analyse variances for improved insights.
Real-Time Feature
With a configurable dashboard that can be adjusted and expanded to meet the needs of your business. Create custom reports with flexible granularity options. Perform variance analysis quickly to determine the difference between actual and planned behaviour.
All in A Single Platform
Collaborative planning in a secure environment requires a single platform. Our solutions enable modelling, reporting, analysis and planning, leading to smarter decisions and increased transparency—all in one platform.
Benefits
- Consolidate Complex Processes
- Eliminate Manual Reconciliation
- Easily Collaborate and Share Information in Real-Time
- Allow Teams to Focus on Strategic Tasks
- Streamlined Financial Processes
Consolidation Feature
Create accurate financial statements by consolidating data. Collect, manage, track, and analyse business data with complete transparency and accelerate month-end close processes.
Obtain Compliance
Effectively manage the complexities of the legal landscape by adopting real-time intelligence to help your teams uncover risks ahead of time and remain compliant.
Accelerate Financial Close Process
Streamlines the verification of balance sheets for your accounting and financial teams. Businesses can accomplish a more timely and accurate financial close with configurable auto reconciliation rules and templates.
Identify Risks with Ease
Streamline your workflow by automating repetitive tasks based on the received information. To keep up with changing expectations for audit and control management, finance and accounting teams must remain alert in detecting and overseeing risks.
Benefits
- Initiate Integration and Automation in Scale
- Reduce Administrative Costs
- Automate Tedious Business Tasks
View Important Data In One Place
Streamline your workflow by automating the integration and orchestration of data across various cloud applications. Save your valuable time by eliminating manual data entry and prevent the occurrence of data duplications.
Low-Code / No-Code Integration
Insurance companies deal with different systems to manage their business processes. Our low-code/no-code integration tools will help you easily integrate your system with the systems used by your vendors and suppliers.
Benefits
- Accelerated Growth Through Streamlined Processes
- Enhanced Financial Management
- Gain Valuable Insights Into Operations
- Accelerated Lead-to-Cash Processes
Comprehensive Finance and Accounting
Get a full view of your financials with built-in accounting features. Efficiently monitor and document your organisation’s fixed assets’ book value and depreciation through our asset tracking system. Ensure confident closure and prompt, accurate financial reporting. Access financial performance instantly through reports.
Customer Relationship Management
Create a unified view encompassing all channels, providing a comprehensive overview of online and call-centre transactions and interactions. Create detailed customer profiles from their behaviours and interactions. Develop target segments for customised upsell and cross-sell promotions and campaigns. Lower expenses and ensure uniformity in customer service across all platforms.
Revenue Management
Automate revenue recognition and report results in compliance with accounting standards using financially intelligent capabilities. Generate and send invoices automatically at regular intervals. Automate renewals or set reminders to pursue upsell and cross-sell opportunities. Create a customised service package based on desired rates and duration.
Human Capital Management
Achieve full human capital management capabilities by integrating recruiting, HR, talent management, time accounting, and payroll processes.
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