Insight Solutions for
The reporting capability from our Insight Solutions for Insurance Intermediaries is extensive – a few examples are:
1. Full insight into credit control – aged analysis of counter party exposures (funding, unmatched cash, held funds, uncollected income, doubtful debts) and automated daily FCA CASS5 Client Money Reporting. Using this reporting capability allows our clients to reduce credit risk and bad debt exposures, reduce uncollected revenues and improve working capital resources and improve FCA CASS5 compliance.
2. Enhanced insight into revenue generation and retention through:
- analysis of revenues by client, market, product, profit centre
- analysis of revenue leakage via client discounts, wholesale commission sharing and third-party commission sharing
- analysis of fee compression (e.g. constant fee income despite additional product use by clients)
- gross commission rates from underwriters on comparable products and against target commission rates
- underwriter profitability (premiums v claims).
- business gained, lost and retained
3. Automated trial balance feeds into general ledger accounting systems.
Automated trial balance feeds into general ledger accounting systems are generated on a daily or monthly basis correctly categorising and ageing insurance debtor and creditor balances, accrued and deferred revenues, doubtful debts, insurance bank balances, cross currency transfers and departmental revenues, without further manual accounting intervention or manipulation, thereby improving the audit trail from transactional systems to reporting and improved regulatory compliance.
4. Pre-acquisition due diligence, post-acquisition integration and ongoing CASS5 compliance reviews.
Due to our extensive knowledge and experience of insurance systems, Prodinity is ideally placed to assist with pre acquisition due diligence reviews to determine quality of earnings and underlying credit risk of an acquisition opportunity.
Post-acquisition, we also provide solutions to integrate legacy systems without compromising the ability to report on historical transactions and trends.
We also provide ongoing CASS5 compliance reviews.
5. Other insight examples include
- Claims analysis
- Placing efficiency
- Operational efficiencies
- Complaints handling