Insurance Expertise
Fusion Practices is a specialist Finance and HR transformation solution provider for Insurance organisations with experience in design and delivery of Oracle Cloud General Ledger along with automation of manual steps during month end processes relating to market data, regulatory reporting (SII & IFRS17), MI packs, asset management, reserving, risk margins, matching adjustments, P/L attribution etc. We are a specialist Oracle Cloud partner across Finance and HR.
The Transformation Challenge
Insurance organisations evolve over a period of time. Even though the users have their best intentions to use the systems in place, they may end up building excel based processes to overcome system limitations or to achieve quick turnaround time for meeting their reporting needs.
However, in the current world of continuous change and regulatory demands, it is important for the organisations to reduce such manual processes to optimise operational costs and ensure legislative compliance.
Multiple systems and data sources in insurance companies:
Insurance organisations evolve over a period of time. Even though the users have their best intentions to use the systems in place, they may end up building excel based processes to overcome system limitations or to achieve quick turnaround time for meeting their reporting needs.
However, in the current world of continuous change and regulatory demands, it is important for the organisations to reduce such manual processes to optimise operational costs and ensure legislative compliance.
Regulatory Reporting:
Insurers have been lately been hard pressed to become IFRS17 compliant and therefore may have implemented some tactical solutions using excel spreadsheets owing to the shortage of time available.
“Fusion Practices has helped customers reduce manual processes and designed & implemented their GL by integrating data from various sources, using the accounting rule engine in Oracle FAH(AHCS)”
We have also simplified their reporting complexities using Oracle EPM Suite of products
Oracle Narrative Reporting for Management reporting (MI packs)
Data Reconciliations using Account Reconciliation Cloud Service (ARCS)
Last mile reporting using FCCS as reporting data governance platform
Complexities of data flow
Insurance Organisation requires complex data transformation and flows with multiple manual steps during month-end processes relating to market data, regulatory reporting (SII & IFRS17), MI packs, asset management, reserving, risk margins, MA (matching adjustments), P/L attribution etc. This causes a significant drain on internal resources and means your valuable finance team is usually head down in producing reports using excel, rather than looking forward to your strategy and business direction.
“At Fusion practices we have helped customers to simplify and automate these data flows through a bundle of tools from Oracle platform there by making these data flows simple”
Why Fusion Practices?
Proven track record
Dedicated Insurance COE team
Leadership team from Insurance industries
Team with in depth Insurance domain experience
Our Offerings
- NWe offer a plethora of unique and robust solutions for insurance companies
- NERP Implementation & Support
- NRegulatory reporting services (IFRS17 & SII)
- NCloud Migration services
- NBAU support services
- NCustom Application Development & Deployment
- NData Integration services
Our Insurance Leadership Team
Ian Turner
Insurance Transformation Leader, Finance Operations Director for a global insurer, an industry expert in Lloyds London market, worked extensively in the insurance industry across geographies in Europe, ANZO, US and has managed large teams across multiple locations.
Anil Passi
An experienced enterprise architect specialising in Insurance & financial services, Oracle ACE, authored books with Oracle Press, experience gained working across SwissRe, QBE, Direct Line, Fidelity, Fidelis, MUFG, RBS, RLG, Schroders, Oman Insurance, Emirates Bank
Helen Winter
Insurance sector Business Architecture background, IIBA chairperson for UK Midlands, responsible for delivering the Programme structure, governance, business change, operating model experience working at SwissRe Insurance, Pension Insurance Corp, Fidelis Insurance, Royal London.
Blog Posts
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