…calls for a better option for insurance companies…
…modern and compliant tools of the trade - not luxuries but essentials…
…highlights strong role model for the insurance marketplace…
Carriers are exposed to risk by creaky accounting and reporting systems, says Michael Graham, Director of London UK based insurance software specialists Sequel. He believes that forward-thinking insurance companies, such as Imagine, are role models for the market place.
For Graham, accounting and reporting in underwriting are under great scrutiny: “Lloyd’s - and a growing number of international bodies - are calling for ever increasing measures of compliance, transparency and consistency in financial reporting – that pressure is not going to go away. Too few carriers have accurate accounting and reporting systems at their fingertips.”
He believes that modern and compliant tools of the trade are not luxuries but essentials. “It’s ironic that those who deal with risk on a daily basis should use systems that have no clear audit trail and are subject to frequent failures. People are placing their faith in error prone spreadsheets and manual processes that cause carriers untold stress and put the business at risk. Insurance companies need robust and transparent systems to make their work easier and their organisations more effective.”
In contrast with the ‘old style’ approach, Graham sees forward-thinking organisations, like Imagine, as showing the way forward for the industry. Lance Gibbins, Finance Director at Imagine says, “We have chosen powerful and flexible insurance software to make our operations more effective and compliant…we’ve just gone live. We are the seventh Sequel Eclipse Annual Accounting customer to come on board and gain the great benefits of accurate results, consistency in our financial reporting and reduced reporting times. We are up and running on time and on budget following a six month rapid implementation project.”
Graham concludes: “Imagine and our six other Eclipse Annual Accounting clients, which include Novae, Ascot and Canopius among others, benefit from having fast, accurate and compliant systems. They can run their businesses more efficiently, through standardised processes – and all the while have a full view and true analysis of their data in real time. Their investment in flexible and appropriate software allows them to take today’s and tomorrow’s challenges of regulation, compliance and increased business performance, in their stride.”
About Eclipse Annual Accounting
Eclipse Annual Accounting is the only proven, standalone annual accounting solution available in the Lloyd’s and London Market today. It offers a robust, configurable and auditable environment for the manipulation of accounting data and the production of annualised accounting reports.
Sequel’s Eclipse Annual Accounting provides earned premium analysis, ultimate loss projections and other functions associated with annual accounting principles. Insurance organisations benefit from its robust, configurable and auditable environment. It gives them the power of flexible and seamless manipulation of accounting data and allows them to produce annualised accounting reports with ease.
About Sequel Business Solutions Limited
Founded in 1993 and headquartered in the City of London, UK, Sequel Business Solutions Ltd are the insurance and reinsurance software specialists. Sequel’s customers are underwriters and brokers within the Lloyd’s and London insurance/reinsurance sector. They include the following companies:
• Willis Group Services Ltd, Jubilee Managing Agency Ltd
• Brit Insurance Holdings Plc, GG & Re Co. Ltd
• RJ Kiln & Co. Ltd, COBRA London Markets Ltd
• Ascot Underwriting Agency Ltd, Spectrum Syndicate Management Ltd
• Canopius Managing Agents Ltd, Dashwood Brewer & Phipps Ltd
• Novae Insurance Company Ltd, Omega Underwriting Ltd
• Imagine Syndicate Management Ltd, ACE INA Services UK
• Argenta Syndicate Management Ltd
Sequel deliver three powerful software solutions for insurers, reinsurers and intermediaries – Eclipse Broking, Underwriting and Annual Accounting.
Eclipse is a strategic suite of business applications built with 100% Microsoft technology that share a common business and technical architecture – all of our products have been designed with open architecture to enable easy access to information and simple connectivity with other systems. This enables customers to have a comprehensive, holistic view of their business.
Sequel’s products have been designed and developed by our insurance experts, in partnership with underwriters and brokers. By combining process efficiencies with innovative analysis and reporting capabilities, Sequel’s products give customers control over their business information so they can make decisions quickly and with confidence, as well as taking market and regulatory changes in their stride.
Sequel are known for their track record for delivering on time and on budget.
For press enquiries contact:
Michael Graham , Director, Sequel Business Solutions
T: +44 (0)20 7015 0100