For more than 40 years, AUXIA has played a leading role in France’s
insurance industry. Today, the company is the country’s largest provider
of funeral insurance policies, managing approximately 1.5 million contracts.
The company goes to market via a network of insurers and financial
services organizations, offering its products through a wide range of
AUXIA’s white-label business model involves many types of reseller
contracts, each managed using different accounting schemas and
processes. Because its clients have unique reporting needs, AUXIA must
deliver timely financial data in the specific formats they require. At the same
time, the company must quickly and accurately close its own books at the
end of each month, quarter, and year, and share the data with its regulators.
Growing regulatory complexity
In recent years, the regulatory environment for insurers in Europe has
become significantly more complex. Evolution of the Solvency regulation
has created new financial data reporting requirements, with substantial
penalties for noncompliance. The legacy information system was unable
to adapt these new requirements.
Nathalie Meyer, Chief Financial Officer at AUXIA, explains, “In the past, our
financial consolidation process aggregated all the accounting data sent by
our business partners. After this process, we were unable to drill back down
to the underlying transactions, and we knew this way of working would make
it very challenging to meet the reporting requirements of Solvency II.”
Today, with Axway Financial Accounting Hub, AUXIA automatically processes and delivers financial data in the formats its clients and regulators require, and can update formats by simply changing business rules — helping to strengthen client relationships, ensure compliance, and contain costs.
Read the full case study to learn more.