AXA Corporate Solutions Leverages SICS to Administer Reinsurance
Client:AXA Corporate Solutions
- Unify life and asset-based reinsurance (ABR) administration processes at AXA's New York and Paris operations
- Configure SICS Life to handle all existing and future business
- Create processes that overcome international differences
- Created a global system that integrates life, health and ABR processing
- Enabled worldwide regulatory reporting with the push of a button
AXA Corporate Solutions, the life reinsurance division of the French-based AXA group, introduced an asset based reinsurance (ABR) product to attract niche business. This highlighted the need for robust systems to administer complex non-traditional products and all life products globally.
Partnership Overcomes Transatlantic Business Differences
CSC worked with AXA Corporate Solutions to configure its SICS Life solution to meet AXA's needs. However, before it could be deployed, CSC consultants helped to develop new business processes to reconcile differences between AXA's Paris and New York offices while still providing for the different regulatory requirements of France and the US. A global project team was assembled, drawing on AXA and CSC experts in relevant subjects.
Single Application for Life, Health and ABR
The main advantages of SICS Life are its ability to integrate life, health and ABR products in a single application and to interface with other business-critical elements such as general ledger and front-office systems.
Cheryl Rogers, Senior Vice President and Chief Financial Officer, says: "With global internal reporting, managers can get statements at the push of a button. In the past we reported quarterly now we can update monthly and close the books simultaneously."
Pressing Ahead to Explore Functionality
CSC and AXA are pressing ahead with plans to automate the general ledger interface. This will allow administrative staff to fulfil a more analytical role, adding value to the business and their own careers.
Cheryl Rogers says: "SICS is a valuable financial reporting product for life business. As the Life user community grows, its full functionality and business potential can only bring continued financial management improvement and processing efficiencies."