In 2019, Universal Life partnered with Systemic to revolutionize their investments accounting through advanced software tailored for the company’s own funds and unit-linked products. This initiative encompassed seamless integration with portfolio managers and custodians, comprehensive valuation, monitoring of investment portfolios and their expenses, and precise generation of accounting records in accordance with IFRS standards.
The collaboration was not without challenges. Ensuring data quality and consistency across multiple systems and departments required meticulous attention. Additionally, customizing the system to meet long-standing internal requirements while proposing re-engineered processes demanded a strategic approach. The complexity of integrating diverse data sources and ensuring their accuracy added another layer of difficulty to the project.
The outcomes of this collaboration have been substantial. Universal Life has seen marked improvements in operational efficiency and internal control. The transition to more transparent and comparable financial reporting has been achieved, ensuring accuracy and reliability in their financial statements. The project has also enabled better oversight of investment portfolios, leading to more informed decision-making. This initiative has significantly enhanced the company’s daily operations, providing a solid foundation for future growth and regulatory compliance. Universal Life is now better equipped to navigate the complexities of financial reporting and investment management with greater confidence and precision.
Summarising what Universal Life has gained:
- Efficiency in their daily operations, internal control.
- Transition to a more transparent and comparable financial reporting.
- Ensure accuracy and reliability.
