Snap Poll of PC Insurers on Financial Systems

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11 April 2021
Karlyn Carnahan

Available Only for Members of the NA Celent Insurance Research Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insuranace industry. This question came about from a member who is looking at modernizing their core financial systems. Twenty threeinsurers responded to this survey over the course of two days, April 8-9, 2021

Background:

This insurer is beginning a project to modernize their core financial systems with the goal of creating a better capability to track and monitor digital revenue (revenue by distribution channel – i.e., agent, direct to consumer, aggregators, etc..). They currently have a small but very cost-effective core G/L system which has met their needs for the past 20 years, but they have had to surround it with other tools for budgeting and planning, contract management, e-procurement, financial reporting, etc..

They would like to know what other carriers are using for their core/consolidated accounting system and how effective their accounting system suite have been for managing and tracking the different aspects of financial management including cost allocation by distribution channel.

Questions:
What system are you using as your ERP?
Is your core accounting system on premises or hosted/SaaS
In that system, are you able to do cost allocation by distribution channel (in order to provide P&L reporting at the distribution channel level (e.g., Agents, Buy Button etc..)
Looking at the following functions, do you have a single consolidated solution that provides all of this or are you using multiple systems (place an X next to the modules provided in your single core accounting system)
Budgeting and planning?
Financial reporting?
Accounts Payable
Travel and expense
Cost allocation (allocating cost center expenses to companies, profit centers and products.)
Fixed asset tracking
Tax books for fixed assets
Procurement - e.g., Contract Storage, eProcurement, invoice management, Vendor management Portal

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Insight details

Industry
Property & Casualty Insurance
Subscription(s) required to access this Insight:
Insurance
Insight Format
Reports
Geographic Focus
North America