Insurance carriers manage vast volumes of financial data, contracts, and compliance documents across claims, reinsurance, and investment portfolios. Many rely on outdated, homegrown systems or manual workflows, making it difficult to scale, adapt, and meet audit requirements. The company turned to Decisions to automate rules-based accounting and streamline contract management with a low-code, workflow-first approach.
Challenge
Before implementing Decisions, the company faced:
- Legacy ODM and homegrown tools that were costly and rigid.
- Manual processing of financial information from claims, reinsurance, and other divisions.
- Inconsistent accounting derivations, leading to reconciliation errors.
- Vulnerabilities in a custom-built contract writing system, slowing template updates.
- High compliance burden due to fragmented workflows and limited audit trails.
Solution
The company used Decisions to deploy two core solutions:
- ODM Replacement (Modern FIL):
- Authored business rules in Decisions to derive accounting entries from claims, reinsurance, and investment data.
- Automated production of balance sheets, profit-and-loss statements, and standardized financial outputs.
- Applied logic to normalize variations across business areas for consistency.
- Contract Management (Writer Tool Replacement):