The key role of this back-office module is providing support for the configuration of business rules and processes, defining products, as well as providing financial and accounting services, settlement of investment products (ones with investment funds; traditional investments), calculations of technical reserves and processing of reinsurance contracts. Other important areas of insurance company operations supported by the system include defining sales structures, commission settlement, analytical, management and operational reporting, and information exchange with external systems.
This module is the standard subsystem of the finance accounting with multicurrency general ledger and analitics. Other modules automatically record data that are reflected in the general ledger and client’s analitics, so there is no need for later data booking.

Functionalities:

• General ledger
• Outgoing invoices
• Incoming invoices
• Revenues and expenses
• Procesing of financial statements from banks – multicurrency
• Posibility to loading electronic copy of bank’s statement
• Automatic closing of outgoing and incoming invoices
• Internal multicurrency orders
• Treasury and internal orders
• Cancellation of orders
• Asset management
• Credit Transfers
• The final sheet and accounts
• Analytical balance sheet
• Balances and transactions from all subanalitics by accounts, clients, contracts, …
• The calculation and payment of taxes
• Book of incoming invoices
• Book of outgoing invoices
• The cards per account, customer, policy, etc …
• View of delay of payments and printing warnings
• Exchange rates
• Etc

This module is extended with set of insurance accounting:

• Calculation and automatic booking of reservations for outstanding liabilities
• Allocation of income and expenses into branches
• Allocation of revenues and expenses during the period (pro rata temporis) of the contract or service
• The calculation of the technical result and matematical reserves
• The calculation of interest
• Calculation of exchange rate changes on a day
• Reporting and accounting for tax authorities
• Etc

The module allows recording of invested funds and their management by banks, individual deposits, maturities, interest rates, etc:

 

• Management of transaction accounts in domestic and foreign currency
• Management of term deposits with banks
• Investment in securities
  • Code of the issuer
  • Type of securities
  • Information about a broker
  • Maturity date
  • Purchase value
  • Discount and interest rate
  • Etc