Digitalized control on claims & accounting

Challenge:

Vattenfall Insurance wants to structure and streamline their workflow between claim management in INSMAN and the accounting in an external system. In order to achieve this, data need to be shared between the systems in a standardized way. Since Vattenfall Insurance works in close cooperation with their international customers and service providers, values in multiple currencies are common. Previously a report was jointly prepared monthly, resulting in delayed values being available in the everyday work.

Solution

Processes are defined and documented, this includes the day-to-day work adding new claims, reserves and payments handling, as well as transferring the data to the financial system.

Data to be shared is agreed in cooperation between source system (INSMAN) and the receiving financial system. Control reports makes it possible to monitor and discover differences in data in the two systems at any point of time.

Basic data such as currencies are synchronized in both systems.

Benefits
  • Routines are reliable and standardized
  • Traceability throughout the complete solution is strengthened
  • Potential differences in data between systems are caught at an early stage
  • Data can be trusted from beginning, instead of in a report with a month’s delay
  • Converted amounts in reports are displayed equally in both systems
Customer

Vattenfall AB is one of Europe’s largest producers and retailers of electricity and heat. Vattenfall’s main markets are Sweden, Germany, the Netherlands, Denmark, and the UK. The Vattenfall Group has approximately 20,000 employees.

Försäkringsbolaget Vattenfall Insurance provides Vattenfall and its subsidiaries with solutions for their insurable risks.

Background

In 2019 Vattenfall Insurance implemented INSMAN as their insurance and claims system. The system supports the renewal process including gathering values in an integrated process, managing policies and invoicing premiums. Claims are registered and adjusted with possibilities to store all data such as correspondence, decisions and other documentation on each claim.

 

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Skeppsbron 3, Malmö, Sweden | +46-40-10 77 99 | info@ifacts.se