Most big companies need one or another transformation at one point of time to improve their process efficiencies or change their business model to keep up with changing times. Companies expand their operations internationally, but business units in each country continue to maintain their own legacy systems. Hence, financial data has to go through various systems before it reaches ERP system where financial and other reports are created. Presence of multiple systems in the flow of data requires multiple reconciliations and manual adjustments at various points and that brings in inefficiencies that slow down the whole process. In these competitive times, CFOs must have access to up to date financial information in order to remain ahead of the curve but unfortunately, most companies struggle to put together timely and accurate financial reports due to the complexities involved as mentioned above. This is when a company starts seeking transformation in order to consolidate various systems into one, bring standardization across the company, and eliminate manual or redundant processes. Insurance industry in particular has peculiar areas like Underwriting or Actuarial departments where pricing actuaries and underwriters finalize price of the product and reserve actuaries compute reserves for potential claims based on historical losses. The addition of these departments on top of regular departments paralyzes the reporting process further in this industry. This industry is already facing cutthroat competition and companies are making razor thin profits if at all. Companies in this industry must undergo transformation. Transformation together with artificial intelligence would not only equip management with timely and meaningful data but would also provide end customer with timely services.
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