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Life Insurer Financial Systems: A Snap Poll for the Celent Executive Panel

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18 February 2023

Available Only for Members of the NA Celent Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This question came about from a member that is looking for insights on their core financial systems and would like to understand how others are handling similar transformations. This deck provides a summary of the responses to a Snap Poll conducted February 7– February 10, 2023.

If you are an insurer and are interested in participating and receiving these snap polls, please email kcarnahan@celent.com to verify eligibility.

The question that was posed was:

Background:

The insurer is beginning a project to evaluate and modernize their core financial systems with the goal of improving efficiencies and reducing costs. They currently have a core system supporting GL and AP which they have used for 10+ years, as well as a budgeting/planning tool. They would like to know what other carriers are using for their core/consolidated accounting system and how effective the suite has been for managing/tracking different aspects of financial management.

Questions:

What system are you using to support GL/AP?

Is this system hosted on-prem or SaaS?

How long have you been using this system?

  • Less than 2 years
  • 2 - 5 years
  • Greater than 5 years

Would you describe your experience as:

  • Highly satisfied
  • Satisfied
  • Less than satisfied
  • Not sure
  • Prefer not to say

Which of the following functions does the core system support; if not supported, please tell us how you support the function (e.g. which solution do you use?

  • Budgeting & planning
  • Financial reporting
  • Board level reporting
  • Accounts Payable
  • Travel & expense
  • Cost allocation – to cost centers? To products?
  • Fixed asset tracking
  • Procurement/invoice management

Can the system support cost allocation by distribution channel, by product to provide P&L reporting

Are there functions that the system doesn’t have, but you wish it had

If you implemented your system in the last 3 years:

  • What other solutions did you consider?
  • How long was the implementation project?

Do you have any other thoughts or advice for this insured?