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FLEXTERA Insurance Accounting

FLEXTERA Accounting modules allow the Insurer to perform all the functions related to analytical accounting, tax accounting, and management accounting:

FLEXTERA Accounting Engine — The module converts operational product accounting data into financial accounting forms in accordance with national and international accounting rules and standards. The solution enables independent evaluation of product performance along with standard financial accounting.

FLEXTERA General Ledger — The Module consolidates financial information and supports bookkeeping in accordance with accounting policy of a financial organization and in strict correlation with national and international standards.

FLEXTERA Tax Accounting — The module automates the accounting of the revenue and expenses to support generation of tax returns.

FLEXTERA solutions are built on the principles of separated operational product accounting and regulatory financial accounting. The back office systems which are responsible for product management operate with internal product accounting data and do not record transactions into financial accounting systems.

To maintain the Chart of Accounts and transactions accounting in the General Ledger, the operational product accounting data are transformed into the financial accounting forms with a special FLEXTERA Accounting Engine. The module allows processing back office events and generating General Ledger data in accordance with the custom rules and regulatory standards.

Such independence of the two accounting systems enables the use of various accounting methodologies without the need to change the business logic of a financial institution. This also allows a financial institution to get an independent evaluation of product performance along with standard financial accounting.