Strong accounting and cash module

Strong accounting and cash module


Aladdin features a leading accounting module, featuring the following:

General

  • User-defined group company structure
  • Allows multiple accounting regimes (eg IFRS and FSB)
  • Supports custom accounting entries
  • User-defined account names and subtotal structure
  • Allows drill-down to individual cover on policy level
  • User-defined cost centre structure
  • Automated raising entries (premium, claims, commission, receipts etc)
  • Automated reinsurance accounting
  • Automated accounting for VAT

Cash handling

  • Support for EFT, debit order and manual settlements
  • Support for settlements on behalf of or by group companies
  • Automated debit order report submission and unpaid reconciliation
  • Bank statement upload and reconciliation support
  • Debtor and creditor control and ageings on policy level
  • Cash audit trail and reconciliation reports
  • Bordereaux upload and reconciliation support

Reserving

  • Fully automated and real-time gross and reinsurance reserving
  • Supports cover-specific 365th and uneven risk UPR calculations
  • Supports reserve calculations at cover-specific user-defined rates
  • Allows different reserving methods and rates for each accounting regimes
  • Rich data mining capabilities to support the SAM internal model