Treaty Accounting Software: Integration and Reconciliation Automation
Treaty accounting requires matching reinsurer statements, cedent reports, and loss submissions. Integration software automates this complex reconciliation process.
Treaty accounting is one of reinsurance's most error-prone processes. Accountants must match reinsurer statements against cedent reports and internal loss submissions, investigate discrepancies, calculate accruals, and close treaties. Modern accounting software automates this complex workflow.
Treaty Accounting Complexity
Traditional treaty accounting relies on monthly receivership of statements from reinsurers and cedents, manual matching and reconciliation, investigation of discrepancies, and manual accrual calculations. This process can take weeks and is prone to errors.
Accounting Software Solutions
Modern treaty accounting software integrates with multiple data sources automatically. It receives statements electronically, matches premium and loss data in real-time, flags discrepancies for investigation, calculates accruals automatically, and produces financial reports. A Singapore reinsurer reduced accounting cycle from 15 days to 2 days.
- Electronic statement ingestion and matching
- Real-time reconciliation flagging
- Automated accrual calculation
- 15-day to 2-day accounting cycle reduction
Regulatory and Audit Benefits
Integrated accounting systems provide better audit trails, faster close processes, and more reliable financial reporting. Regulatory submissions become faster and more accurate with comprehensive accounting automation.
Conclusion
Treaty accounting software integration transforms a tedious monthly process into automated, reliable workflow. Reinsurers using accounting automation achieve faster closes, fewer errors, and stronger audit compliance.
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