Life Insurer Financial Systems: A Snap Poll for the Celent Executive Panel
Available Only for Members of the NA Celent Insurance Executive Panel
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 email@example.com to verify eligibility.
The question that was posed was:
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.
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
- 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?