Insurance Management Accounting
The Globe application
AON Insurance Managers has developed throughout the years Globe application, which is a robust and comprehensive piece of captive management system designed specifically for Aon Insurance Managers to manage captives. It allows for the management of captives including those with multiple currencies.
Key features
Main of Globe includes management of :
- direct insurance policies
- inward reinsurance treaties
- Outward reinsurance treaties
- Covered risks
- Reported claims for both inward and outward
- ...
Globe allows a wide range of individual setups. These would typically include the registration of :
- Information about the captive company itself
- Selection of standard chart of account
- Accounting set up (financial years and reporting periods)
- Captive specific exchange rates, if used
- Framework for controlling and managing the (re)insurance business
- ...
Some of the information, e.g. currencies and countries, is stored and shared by users of the system on a global level. To allow for local requirements and specialties, most of the system reference data, e.g. class of business classification, standard chart of accounts, shared counterparts, etc. is stored on a management entity level and is available for each and every captive registered under that management entity. This shared standard information can be further supplemented for individual captives in order to satisfy the captive-specific requirements.
Reporting
A wide range of reports is also available, allowing user to dynamically select the most useful information. Reporting or statistics can be obtained for
- Financial statements and accounting reports (journal report, balance sheet...)
- Analytical reports (for claims,...)
- Bank transactions
- Claims statistics, reserves statistics...
Contact our team for more information.