Xceedance re-designed the underwriting accounting process for a global P&C insurance service provider.
The client wanted to implement a robust process to generate underwriting journal entries at the policy level, which were only created at the general ledger account level at the time. There was no available tool to perform the complex calculations for deferred acquisition cost, unearned premium, and reinsurance ceded portion.
The Xceedance Approach
Xceedance team members worked with the insurer to identify the input data files containing written premium and other relevant information at the policy level, then held discussions with the finance, operations, and actuarial teams to capture the end-to-end process for computing earnings at the policy level.
By partnering with Xceedance, the insurer streamlined the process to create monthly underwriting journal entries at the policy level, reducing cycle time from eight days down to one.
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