Issue link: https://resources.axway.com/i/1307029
axway.com Industry Insurance Geography EMEA Challenges AUXIA provides white-label insurance services for partners across France. How could the company meet the varied and constantly evolving financial reporting requirements of its clients and regulators without dramatic cost increases and staff workload. Solution Accounting Integration Suite Results Today, 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. 1 SUCCESS STORY AUXIA AUXIA cuts the cost of compliance and gains agility using rules-driven automation for key accounting processes 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 distribution partners. 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 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."