The strength of any financial organisation lies in its ability to manage data effectively. This is especially true for insurance firms, which have to deal with high volumes of data in multiple different formats.
Accounting standards like US GAAP require firms to follow financial reporting and accounting rules, which only adds to the challenge and places additional demands on finance, accounting and actuarial functions.
Other challenges preventing firms from achieving sound financial data management include:
- Multiple different systems – such as claims, actuarial and general ledger
- Legacy systems from M&A activity and consolidation
- An overreliance on ineffective manual reconciliation processes
Financial data management for insurance: Common challenges, best practices, and managing your financial data with AutoRek
Financial data management is critical for insurance businesses to manage overall risks, make data-driven decisions, improve operational efficiency and stay competitive in a changing market.
To help your firm better manage financial data and achieve these benefits, we explore the challenges facing insurance firms and how your team can overcome them.
Split into three parts, this paper covers:
- The obstacles to effective financial data management
- Financial data management best practices
- How to manage your financial data with AutoRek
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