Insurers need greater flexibility in meeting reporting requirements and at the same time also need to simplify financial accounting processes and increase efficiencies through integration, but given the nature of the industry, how feasible is this?
The member-owned captive insurance company, CPA Mutual Insurance Company of America Risk Retention Group, answers this with the selection of SunGard’s iWorks Enterprise Accounting System (EAS) and iWorks Statutory statement solution.
“We’re pleased that CPA Mutual has chosen SunGard’s iWorks solutions to help simplify financial accounting processes and meet various reporting requirements,” said Kevin Singerman, chief operating officer at iWorks Financials.
With SunGard’s iWorks, CPA stated that it was able to manage its accounting functions internally and make all financial and statements processes seamless, while the iWorks EAS and Statutory solutions integrated well with other systems.
On the one hand, SunGard's insurance solutions helped streamline accounting and statement processing by consolidating financial processing onto a single platform and on the other delivered essential functions in an intuitive, integrated environment, further increasing efficiencies.
“The iWorks EAS and Statutory solutions are intuitive and integrate well with other systems we have in place. SunGard also provides the stability and product commitment we were seeking in a systems provider,” said Bill Thompson, president, risk retention group of CPA Mutual Insurance Company of America.
He also added that with SunGard’s iWorks, CPA could manage its accounting functions internally and also ensure that all financial and statements processes were seamless.
SunGard’s iWorks Investment Accounting solution was recently recognized with a RAVE Award, from Tech Decisions and Novarica in Financials Category.
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Edited by Brooke Neuman