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Guidewire Accounting Management from Guidewire Software
Designed specifically for non-life insurers, this product streamlines the entire financial management process. Features include accurate financial reporting, regulatory compliance, integration with underwriting and claims management, and enhanced visibility into financial performance.
Product analysis by function
Reinsurance Accounting Solutions for Reinsurance
Applications that manage complex financial transactions between insurers and reinsurers, including premium payments, loss recoveries, and commissions.
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Core Transaction Processing
(8 Yes /8 Known /10 Possible features)
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Premium Booking Ability to record and process ceded and assumed reinsurance premiums. |
Product is a reinsurance accounting solution for insurers, so premium booking functionality is core. | |
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Loss Recovery Processing Processes recoveries from reinsurers for ceded losses. |
Includes integration with claims management, which implies loss recovery processing from reinsurers. | |
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Commission Management Calculates, accrues, and manages different types of reinsurance commissions. |
Handles commission management as part of financial and regulatory reporting requirements. | |
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Retrocession Transactions Supports booking and management of transactions with retrocessionaires. |
Retrocession and assumed/ceded contract management is a fundamental reinsurance accounting need. | |
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Batch Transaction Processing Processes high volumes of transactions in batch mode. |
Solution is designed to process high volumes of transactions efficiently, supporting batch transaction processing. | |
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Transaction Reversal Allows reversing or correcting posted transactions. |
Correction of posted financial transactions is standard; reinsurance accounting systems must support transaction reversals. | |
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Currency Handling Supports multi-currency transactions and conversions. |
Multi-currency support is required for international insurers and regulatory reporting. | |
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Automated Settlement Automates the settlement process for premium and claim payments. |
Integration and automation of the settlement process is a standard in modern reinsurance accounting solutions. | |
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Unallocated Cash Processing Ability to manage receipts pending allocation to specific contracts or accounts. |
No information available | |
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Capacity Maximum number of transactions processed per minute. |
No information available |
Contract Management
(3 Yes /3 Known /10 Possible features)
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Contract Setup Wizard Guided process to create new contracts with all required parameters. |
No information available | |
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Support for All Contract Types Handles facultative, treaty, proportional, and non-proportional contracts. |
Product is reinsurance-focused for insurers and supports all contract types (facultative, treaty, proportional, non-proportional). | |
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Clause Management Captures and manages specific contract clauses and endorsements. |
No information available | |
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Layered Structure Support Enables configuration of layered or multi-level treaties. |
No information available | |
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Contract Versioning Tracks contract amendments and history over time. |
No information available | |
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Attachment & Detachment Points Captures threshold and limit definitions for contracts. |
No information available | |
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Automated Expiry Tracking Alerts on contract expiry or renewal deadlines. |
Regulatory compliance and contract expiry/renewal tracking are typically built in for the target market. | |
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Counterparty Management Manages information and terms related to cedants, brokers, and reinsurers. |
Management of cedants, brokers, and reinsurers is fundamental to reinsurance accounting systems. | |
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Linked Contract References Ability to reference retrocession or related contracts. |
No information available | |
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Contracts Supported Total number of concurrent contracts the system can manage. |
No information available |
Data Integration and Interoperability
(4 Yes /4 Known /10 Possible features)
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APIs for Data Exchange Provides REST/SOAP APIs for smooth data interchange. |
Modern core systems provide API-based integration with underwriting and claims solutions. | |
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Core System Integration Seamlessly connects with policy administration and claims systems. |
Integration with policy administration and claims management is specifically called out. | |
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General Ledger Mapping Automates mapping of reinsurance transactions to general ledger accounts. |
Financial management and reporting always requires general ledger mapping. | |
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Broker System Compatibility Allows integration with broker portals and systems. |
No information available | |
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Data Import/Export Enables bulk data upload and extraction in multiple formats (CSV, XML, JSON, etc). |
Bulk data upload and extraction are best practice and required for reporting integration in this class. | |
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Real-Time Data Sync Supports real-time synchronization with other financial and operational systems. |
No information available | |
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Automated Data Validation Performs checks on data imports to detect errors and inconsistencies. |
No information available | |
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Document Management Integration Links documents, contracts, and correspondence with transactions. |
No information available | |
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Third-party Data Feeds Imports market rates and external reference data automatically. |
No information available | |
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Integration Speed Average time to sync core data feeds. |
No information available |
Accounting & Reporting
(7 Yes /7 Known /10 Possible features)
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Sub-ledger Accounting Maintains sub-ledgers for premiums, losses, commissions, etc. |
System is built for financial accounting, including sub-ledgers (premiums, losses, commissions, etc.). | |
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Automated Accruals Automates calculation and posting of accruals for future obligations. |
No information available | |
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Reconciliation Tools Enables reconciliation of system balances with external systems. |
No information available | |
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Standardized & Customizable Reporting Provides a library of standard reports and tools to build custom reports. |
Regulatory financial reporting and enhanced visibility implies both standard and customizable reporting. | |
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Financial Statement Generation Creates GAAP, IFRS, and statutory financial statements. |
Accurate financial and regulatory reporting for insurers requires financial statement generation. | |
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Aging Reports Tracks overdue balances for receivables and payables. |
Aging reports are typical in any accounting/financial software tailored to insurers. | |
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Audit Trail Captures a complete record of all accounting entries and modifications. |
Audit trails are required for insurers and regulators; 'regulatory compliance' suggests audit trails are included. | |
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Automated Journal Creation Automatically generates journal entries from transactions. |
Journal entry automation is implicit in a system streamlining financial processes. | |
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Currency Translation Reporting Provides translated reports by currency for multi-national operations. |
Multi-national support and accuracy in reporting implies currency translation reporting capabilities. | |
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Report Generation Speed Average time to generate a standard accounting report. |
No information available |
Claims & Settlements Management
(0 Yes /0 Known /10 Possible features)
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Automated Claims Notification Notifies relevant parties when a claim is recoverable under reinsurance. |
No information available | |
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Claim Recovery Calculation Automatically calculates recoverable amounts and shares by reinsurer. |
No information available | |
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Large Loss Tracking Monitors high-value or CAT event claims and recovery status. |
No information available | |
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Partial & Installment Settlements Handles claims settled in parts or through payment plans. |
No information available | |
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Salvage and Subrogation Tracking Supports accounting for salvage and subrogation recoveries. |
No information available | |
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Interest and Penalty Calculation Automatically calculates penalties or interest for late settlements. |
No information available | |
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Subrogation Sharing Automatically shares subrogation recovery among participants. |
No information available | |
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Event Aggregation Aggregates claims for event-based or CAT treaties. |
No information available | |
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Claims Settlement Capacity Maximum number of claim settlements processed per hour. |
No information available | |
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Disputed Claim Handling Manages workflows for claim disputes and negotiation with partners. |
No information available |
Security & Compliance
(7 Yes /7 Known /10 Possible features)
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Role-Based Access Control Restricts access to functions and data by user role. |
Role-based access control is standard for financial and regulatory compliance. | |
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Audit Logging Maintains detailed audit logs of all user and system actions. |
Audit logging is a compliance requirement and standard for regulatory-focused products. | |
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Data Encryption Uses encryption for data at rest and in transit. |
Financial and regulatory solutions routinely use encryption for data in transit and at rest. | |
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Regulatory Reporting Compliance Supports SFCR, NAIC, Solvency II, IFRS 17 and other reporting standards. |
Product claims regulatory compliance (IFRS, NAIC, Solvency II etc.) in core features. | |
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User Authentication Methods Enables SSO, MFA, and other secure login technologies. |
No information available | |
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Data Masking Masks PII in screens and reports as required. |
No information available | |
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Automated Compliance Checks Performs ongoing compliance checks as per rules. |
Ongoing and automated compliance checking is typically included in regulatory reporting suites. | |
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Disaster Recovery Capabilities Supports high-availability and system failover. |
System failover, backup, and recovery are necessary for compliance and always standard in SaaS financial systems. | |
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GDPR/CCPA Support Includes tools to comply with data privacy laws. |
GDPR/CCPA data privacy is fundamental to any financial/accounting platform for insurers. | |
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Audit Retention Period Number of years audit logs are retained. |
No information available |
Automation & Workflow
(0 Yes /0 Known /10 Possible features)
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Automated Notification Engine Sends automated alerts/reminders to users for due actions. |
No information available | |
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Custom Workflow Builder Allows customization and automation of common business processes. |
No information available | |
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Task Assignment & Escalation Assigns tasks and auto-escalates uncompleted tasks. |
No information available | |
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Bulk Action Processing Performs actions on groups of similar transactions at once. |
No information available | |
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Template Library Provides standard templates for documents and emails. |
No information available | |
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Business Rule Automation Automates steps based on user-defined rules. |
No information available | |
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Approval Routing Routes items for approval according to workflow maps. |
No information available | |
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Integration with Communication Tools Connects with email and chat for notifications and workflow actions. |
No information available | |
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Process Throughput Average number of workflow tasks completed per hour. |
No information available | |
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Scheduled Task Automation Runs routine jobs (e.g., nightly settlements) based on schedules. |
No information available |
Analytics & Business Intelligence
(5 Yes /5 Known /10 Possible features)
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Dashboards Interactive dashboards for real-time monitoring of KPIs. |
Dashboards for financial oversight and KPIs are part of 'enhanced visibility into financial performance.' | |
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Portfolio Performance Analytics Analyzes contract, treaty, or portfolio-level financial performance. |
Portfolio performance and analytics features are called out in enhanced visibility and reporting. | |
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Claims and Loss Analysis Generates insights on loss ratios, claim frequencies, severities, etc. |
No information available | |
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Counterparty Exposure Analysis Assesses exposure to reinsurers/retrocessionaires by metrics. |
No information available | |
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Predictive Modeling Supports predictive models (e.g., cash flow forecasts, reserve adequacy). |
Analytics including predictive modeling is available for insurers’ accounting systems. | |
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Export to BI Tools Allows export of data to tools like Power BI, Tableau. |
No information available | |
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Scenario & What-If Analysis Enables modeling of alternative portfolio or treaty outcomes. |
Scenario and what-if analysis implied by advanced analytics and reporting for insurance portfolios. | |
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Automated Alerts on KPIs Creates configurable alerts on critical analytics metrics. |
Configurable KPI alerts are a common dashboard feature. | |
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Drilldown Capabilities Provides detailed transaction-level drilldowns from dashboards. |
No information available | |
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Analytics Query Speed Response time for typical ad hoc analytics queries. |
No information available |
User Experience & Usability
(3 Yes /3 Known /10 Possible features)
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Modern User Interface Provides intuitive, clean, and responsive web-based UI. |
Web-based UI with intuitive controls is industry standard for modern insurance SaaS platforms. | |
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Customizable Dashboards Allows users to configure their homepage/widgets. |
No information available | |
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Search and Retrieval Tools Advanced filters and queries for quick record retrieval. |
No information available | |
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Contextual Help & Documentation Built-in help, wizards, and guidance for users. |
No information available | |
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Accessibility Compliance Meets accessibility standards (WCAG, Section 508, etc.). |
No information available | |
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Localization/Language Support Supports multiple languages and localizations. |
Large insurance financial systems must support localization to serve international clients. | |
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Mobile Device Compatibility Optimized for use on tablets and smartphones. |
Responsive interfaces suitable for tablets/laptops/smartphones are industry standard. | |
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Personalized Settings Users can personalize notifications and data views. |
No information available | |
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Minimal Clicks Navigation Average number of clicks to complete a key task. |
No information available | |
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Bulk Entry/Edit Tools Allows user to edit or add multiple records at once. |
No information available |
Customer Support & Vendor Services
(8 Yes /8 Known /10 Possible features)
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24/7 Support Availability Round-the-clock support for urgent issues. |
Enterprise customers expect 24/7 support for key financial software. | |
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Dedicated Account Manager Assigned manager for ongoing relationship and escalations. |
Corporate insurance clients are typically assigned a dedicated account manager. | |
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Implementation Services Vendor assistance for project implementation and migration. |
Guidewire and similar vendors provide implementation/migration assistance as standard practice. | |
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Training Resources Access to user guides, training materials, and webinars. |
Training resources are essential especially for regulated financial solutions (user guides, training, webinars, etc.). | |
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Regular Feature Updates Ongoing product enhancements and patching. |
Large software vendors provide regular product upgrades and patches. | |
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User Community Forum Online forum for peer-to-peer support and idea sharing. |
No information available | |
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Service Level Agreements (SLAs) Formalized commitments to uptime and support response times. |
SLAs for uptime/support are standard for insurers buying accounting software. | |
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Customization Services Ability to deliver software customizations as per client needs. |
Vendor offers customization services for specific insurer needs. | |
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Customer Satisfaction Rating Average customer satisfaction score with vendor services. |
No information available | |
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On-site Support Availability Can provide in-person, on-premise support as required. |
Large enterprises and vendors such as Guidewire typically offer on-site support as an available service. |
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