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ENTERPRISE ACCOUNTING SYSTEM (EAS)FINANCIALMANAGEMENT,ACCOUNTINGAND REPORTINGFOR INSURERS
Financial Management, Accounting and Reporting for InsurersBENTERPRISE ACCOUNTING SYSTEM (EAS)FINANCIAL MANAGEMENT,ACCOUNTING ANDREPORTING FOR INSURERS
1Staying Aheadof ChangeFinancial Management, Accounting and Reporting for InsurersNavigate change and grow your businesswith FISToday, insurers around the world face a common challenge– grow the business while remaining profitable. Uncertaineconomic conditions, regulatory pressures, operationalinefficiencies, and the need for improved transparency andrisk management only add to the complexity of this task.At FIS, we can help. We understand the broad spectrumof issues affecting the entire insurance ecosystem. For over30 years, we have developed the expertise, processes anddedicated resources to help you deliver products to marketfaster, support regulatory changes, increase efficienciesand grow your business. As a trusted partner, you can expectnot only technology expertise but industry expertise.FIS’ suite of insurance solutions and services help insurersnavigate through change and complexity to operate moreefficiently and effectively. These solutions help life, healthand property/casualty insurers across four categories: Policy administration General ledger, investment accounting and enterpriseaccounting Enterprise content management (ECM) and businessprocess management (BPM) Risk managementAt FIS, our mission is to provide technology, solutions andservices that help insurers around the world operate moreefficiently and effectively. To that end, we offer a choice ofownership and deployment options to best fits your needs,whether that’s to buy software, work with us to build customapplications for your specific needs, partner with ourconsulting services or outsource the operation of yoursystems and processes.To help drive your business forward, you need the righttechnology solutions supported by the right team of expertsto help you grow your business while remaining profitable.Let FIS help you navigate change and grow your business.
Financial Management, Accounting and Reporting for InsurersFIS’ EnterpriseAccountingSystemFIS’ EAS seamlessly integrates with internal and third partysystems, ensuring business continuity during and afterimplementation. Offering a functional product design,EAS gives you the flexibility to choose only the functionalityyou need, when you need it.This functionality includes: General LedgerYour source for comprehensive financialmanagement, accounting and reportingGone are the days of pen and paper calculations andstoring financial data in a filing cabinet or even a spreadsheet.Insurers have options. Managing their financial accountingresponsibilities is now a mouse-click away with FIS’ EnterpriseAccounting System (EAS).EAS is a comprehensive financial management, accountingand reporting solution designed expressly for insurancecompanies. As the central repository for your financial data,EAS gives you the power to develop financial statements andreports, build budgets and forecasts and track allocationsacross your enterprise. Data can be imported quickly andeasily with our intuitive interface, and reports are availableat the touch of a button, giving you more time to analyzethe data and make better business olicymanagementsystem Budget and Forecasting Cost Allocations Accounts Payable Statutory Reporting AutomationWhether it’s keeping up with new regulatory changes andcompliance demands, or creating reporting to provideC-level executives context to make better business decisions,EAS is your source for information. As a central data repositoryfor financial information, EAS is the source for accounting,budget information, allocations, and accounts eporting
3Financial Management, Accounting and Reporting for InsurersSolve your most critical business challengesFIS’ EAS provides you with the tools to meet and overcomesome of your most pressing business challenges, including: Access to Information (reporting) Change management (scalability) Decision Support (profitability)Deliver timely, informative reports with ready accessto informationToday’s executives demand real-time reporting across theentire business, with access to granular detail to the productand agent level when needed. As many insurers rely onmultiple systems and people to obtain the information theyneed, this process can take a significant amount of time time which could be spent analyzing the information insteadof tracking it all down.Companies with multiple businesses can analyze thedata in one place and access multiple views of that dataacross the company. As companies acquire new businessesto grow market share, they need a system that can handlethe acquisition in a timely and efficient manner withminimal disruption to current processes. EAS can readilypull that information into a consolidated view with yourcurrent businesses.Whether you need aggregated data across your enterpriseor need to drill down into the details, we give you the powerto do both. Our unique relationship-based business unitstructure allows you to easily manage information by lineof business, state, region, project, cost center, productor service, agent, distribution channel, or any other criteriayou might specify.At FIS, we do the hard part for you, providing direct accessto the level of information you need, when you need it most,helping you: Easily research underlying details and trendsin a timely manner Analyze company-level data in aggregate Readily assess the viability of entering a new marketor expanding into new productsEAS also provides direct access to multiple consolidatedviews of data across the business, both for the ledger andthe company in general. Standard and customized reportingoptions allow you to pull the reports you need, when youneed them. Statutory reporting, GAAP reporting, IFRS, taxreporting and potential new reporting requirements areall readily available and access to the many ledger viewssupporting these reports are all in one place. These reportscan be pulled as needed by various stakeholders that needuse of the information across your business.40%of insurance companiescontinue to usespreadsheets to compilefinancial statements.88%Yet,of insurance companiesadmit that human erroris their primary concernwith their spreadsheets.IASA FLASH POLL75%of CFOs lack access totimely financial andcompliance data.ADP & CFO RESEARCH
Financial Management, Accounting and Reporting for InsurersBetter manage change with scalable solutionsTo grow the business, insurers are considering new products,new lines of business and geographic expansion. Suchgrowth requires a financial accounting system with theflexibility and scalability to meet these new demands.To prepare for growth, your financial system must be ableto handle the volume of new data entering the system.EAS allows you to:4Grow profitably with better decision supportNot every business venture is profitable, and some are veryprofitable. With EAS, you can readily determine the successand profitability of new products, new markets and new linesof business to support more informed decisions for eachnew venture.EAS helps you make better and more timely businessdecisions by enabling you to: Readily add and track new products and lines of business Track new product launches and new offerings Monitor the success of each new product or business lineby simple tagging of the data Determine product success or failure Immediately determine which products or business linesare successful Identify those new products or LOBs needing moreattention. Enable and monitor geographic expansionEAS scales with your business without the need to reconstructyour system with each new uptick in growth. Importinformation from multiple systems in an automated andefficient manner and create a single source for yourinformation with EAS, removing the challenges of tappinginto legacy systems. This process also creates an audit trail,alleviating many audit concerns as your data will no longerlive ‘outside the system’.With the data you need at your fingertips, you have moretime to focus on interpreting and analyzing the information,with less time spent entering the data itself. EAS offers theflexibility and scalability you need to better manage changeand grow your business. Monitor the profitability of each region, new or existingIn this ever-changing business landscape, it is more importantthan ever that your financial accounting system give youthe right information at the right time at the right level.With EAS, you can view aggregated data or access as muchdetail as you need, based on your role in the organization.With business intelligence tools that provide a snapshotof how operation results are impacting your overall businessresults, EAS helps you make better business decisions on thefly. Access the information most important to your businessand watch your company grow more profitably with EAS.
5Financial accounting and reportingfor insurersFIS provides a multitude of reporting options, allowing youto dive deep into the data. Easily create reports by lineof business, state, region, project, cost center, productor service, agent, distribution channel, or other criteria.EAS provides: Standardized reporting Customized reporting Reporting across multiple accounting bases Seamless integration with internal and external systemsWe needed to get ouroperations streamlinedand more efficient as soonas possible in order tosupport increased businessgrowth and complexity.FIS’ insurance solutionsautomatically generatethe information requiredfor statements, audits andfinancials, basedon information entered thefirst time, which will helpus significantly increaseefficiency and reduce risk.HEATHER MCCOY,VICE PRESIDENT OF FINANCE,FHM INSURANCE COMPANY.Financial Management, Accounting and Reporting for InsurersStandardized reportingEAS comes with more than 100 standard reports built in andready to go, including balance sheet, income statement,trial balance, aged payables and many more. Spend timeanalyzing and interpreting information, rather thanbuilding reports.Customized reportingCreate your own custom reports with our easy-to-use reportbuilding feature. Serving as a centralized hub for financialaccounting data and analysis, your reporting options arenearly limitless.Multiple accounting basesEAS provides for multiple accounting bases to satisfy variousreporting requirements, including cash, accrual, statutory,GAAP, tax and other requirements. Deliver reports quicklyand easily by querying between accounting bases within thesolution. EAS can serve as the central hub for all yourfinancial data.Seamless integrationSeamlessly integrate with any internal and external systems,including policy and claims systems, through automatedintegration, allowing you to report on a broader data set.Create statutory reports with automated interfacesto multiple annual statement electronic filing packagesfor reconciliation between financial accounting data andthe company’s annual statement package.
Financial Management, Accounting and Reporting for InsurersScalability to meet your growingbusiness needsEAS offers a flexible product design, giving you the abilityto customize and scale the system to your business. You selectthe functionality you need, when you need it. With a broadvariety of mission-specific features, each designed specificallyfor use by insurance companies, you can build out a customsystem to fit your needs, both now and in the future. EASfunctionality includes: General Ledger Budget and Forecasting Cost Allocations Accounts Payable Statutory Reporting Automation6EAS Financial Accounting (General Ledger)EAS Financial Accounting is the general ledger componentof FIS’ EAS suite of financial solutions. Featuring a uniquestructure specifically built for insurance companies, thesystem is designed for inter-company, intra-company andsuspense accounting.This functionality lets you manually input journal entries viaa user-friendly interface, copy and paste from spreadsheets,or import data from your existing spreadsheets and externalsystems. Automatically approve and balance importedaccount data or hold with work-in-progress status for manualapproval. EAS includes an audit trail for recordkeeping andworks with any ODBC-compliant report writer.As the foundation for EAS, Financial Accounting canseamlessly integrate with a wide variety of financial reportwriters and formats.FEATURESBENEFITS Provides Interfaces Features Requiresoffsets, reversals, gain/loss entries anderror corrections.online screens with “point and pick”graphic-based (GUI) selection windows. Autogenerates entries based on user-defined rulesand templates. Tracksadditions, changes and deletions with audit trail. Providesover 100 standard reports. Includesforeign currency translation, fluctuationand reporting.currency functionalityEAS Budget and ForecastingA budget planning and analysis tool for insurers, theEAS Budget and Forecasting functionality helps you planfor growth. This tool helps you prepare for expansion intonew markets, sales growth across existing products andnew product development. Build multiple budgets, createdetailed and varied forecasts, and develop comprehensivevariance analysis.with external systems for easier data inputthrough flexible import capabilities. Increasesapproval.rigid account code block structure throughbusiness unit coding. Supportsfor reporting by line of business, cost center,state, region, product line, etc. through a flexible businessunit account structure.The Budget and Forecasting functionality lets you createmultiple budgets, analyze current activity across differentbusiness and product lines, and develop multiple forecaststo test different scenarios and business propositions thatcould have a significant impact on your business. This toolalso helps you identify and isolate variances across budgetforecasts and actual business results, including drill-downcapability to gain deeper insight into specifics acrossproduct lines and geographies. User-defined Supportsdrill-down capability across multiple forecastsand variance reports. Saveand store multiple budgets and forecasts, allowingfor comparisons of current results with historical figures.multiple accounting bases for added flexibility. AllowsBENEFITS Extensiveefficiency by automating account transaction EliminatesFEATURESvariance tolerances from budgetary figuresacross multiple budgets and categories.minimal IT support or assistance.growth with expanded product offerings,new geographies, and enhanced products identifiedby testing budgets and forecasts. Providesinsight into business trends, current activityand product success. Enablesdeeper understanding by digging into detailsof budgets, forecasts and variances. Leveragespast budgets and forecasts to identify andreport on historical trends.
7Forecasting provides for multiple short- and long-termforecasts using your custom-built parameters and projections.Detailed scenario-based forecasts offer multiple variablesfor a broad range of plans and outcomes. Variance Analysislets you compare budgets and forecasts to actual results,in real time and with great detail. Drill down into the datato gain greater insight, add notes for further review.Financial Management, Accounting and Reporting for InsurersEAS Cost AllocationsThe EAS Cost Allocations functionality helps you managecurrent and future distributions. You can build pools ofstatistical or actual activity to create formulas and generateratios for cost allocation. Intercompany and intra-companyallocations can be facilitated with function. To preservethe integrity of your transactions, Allocations maintainsdistributions separately from the accounting journal entries.FEATURESBENEFITS Supports Creates Usesmulti-level distributions.allocation experience to generate new formulas. Calculatesfully absorbed percentage allocation, partialallocation and actual plus. Allowsredistributions for specified periods on demand. Providesan import feature for rules, pools and formulas.EAS Accounts PayableTrack, file and disburse expense payments with EAS AccountsPayable (AP). This tool allows you to enter data onlinemanually or import financial records from external systems.Maintain payment terms, 1099 and other informationcost allocation ratios based on informationtailored to your business. Providesinsight into budgeting and cost allocation acrossthe enterprise. Preservesthe integrity of original journal entrytransactions by storing allocation results in their owndatabase table.through a vendor/payee master file with EAS AP. For invoicesdue to be paid, a disbursement processing solution overseescheck printing, EFT and wire file production. With EAS AP,you can manage your accounts payable from start to finish.FEATURESBENEFITS Allows control and aging of common information and tasks. Organizes Consolidates Oversees Tracks Exportsto third party magnetic media filing. Provides Allowsvendor/payee information into a central file.1099 information with reporting capabilities.control over the disbursement process.local or remote check printing.EAS Statutory ReportingFIS’ EAS Statutory Reporting automates the regulatoryreporting process for greater efficiency. To meet the filingneeds of your business, this solution supports the financialexhibits for annual and quarterly property and casualty,life, health and fraternal statements. Offersinvoices to clarify recordkeeping.accounts payable through to distribution.user-defined controls for flexibility. Interfacesof use.with existing policy and claims systems for ease Automatesefficiency.approval and release of invoices to increaseCreate exhibits for annual and quarterly statements,as well as drill into the data to see statement amountsand journal entries. EAS Statutory Reporting works withall electronic filing systems in the NAIC standard format,including FIS’ Statutory package.FEATURESBENEFITS Provides Minimizes Interfaces Consolidatesdrill-down data from statement amountsto underlying journal entries.with NAIC standard format filing systemsfor greater compatibility.filing.the need for manual data entry in statutory Automatesfiling information into a single platform.a time-consuming manual process, increasingefficiency and reducing errors.
Financial Management, Accounting and Reporting for InsurersChoice of delivery to maximize total costof ownershipInsurers are looking for ways to efficiently scale theirbusiness, access a broader universe of data and services,reduce capital and operating costs, improve performance,and accelerate time-to-market for new innovative productsto compete more effectively. Managed services supportthese initiatives and have long been known as an effectiveway to manage costs, through lowering total cost ofownership (TCO), shifting the IT budget from capitalexpenditures to operating expenses and providing bettervisibility into expenditures.To support the growing trend toward managed servicesofferings, FIS provides a choice of delivery channels forEAS. Install EAS on your servers with on premise installation,or let FIS manage your software with our ASP service. Youdetermine how to size and implement the solution based onyour current and expected business needs. FIS’ professionalservice team delivers your solution on your schedule. On premise Application Services Managed HostedEAS on premise installationAn on premise installation of EAS is just that, the softwareis installed on site and managed by the insurer. This optionis typically selected by more conservative companies whoprefer localized co
management, accounting and reporting Gone are the days of pen and paper calculations and storing financial data in a filing cabinet or even a spreadsheet. Insurers have options. Managing their financial accounting responsibilities is now a mouse
