Meet requirements for the U.S. Insurance Industry effortlessly
SAP FAM (Financial Asset Management) is a multi-asset, multi-GAAP investment accounting platform that meets the ambitious requirements set towards the complex US insurance industry.
COMPIRICUS is SAP’s content provider and application development partner for the global insurance industry’s statutory reporting. This 10-year-long partnership enables us to offer reporting solutions for several countries, including US NAIC reporting. COMPIRICUS has licensed NAIC's “Uniform Schedule Support Product” (USSP) in order to develop and maintain COMPIRICUS’ US Statutory Reporting Software product which provides investment-related information in the annual and quarterly statement uniform schedule format.
More than 90 US NAIC company codes already report and deliver statutory data utilizing COMPIRICUS’ software packages to the NAIC.
The combination of SAP FAM and COMPIRICUS’ software solutions is a well-established software package for the investment accounting of US insurance companies. It offers you several substantial benefits:
- Built on state-of-the-art SAP technology
- Fully integrated with the functionality of SAP Financials
- Tailored to your needs with COMPIRICUS’ industry-focused software components
- In productive use since 2010
Some of the highlights of our investment accounting solution for US insurance companies:
- Support for parallel operation of multiple accounting systems such as STAT, US GAAP, TAX, IFRS and many other local GAAPs
- The SAP FAM platform can manage all the relevant asset types such as alternative assets, derivatives, securities, bank loans, mortgages and short-term deposits
- Capable of multi-currency management, if necessary
- Sophisticated functionality for:
- Alternative assets (partnerships, private equity, etc.)
- Investment forecasts and projections
- Risk and performance key figures, limit management
- Streamlining of the NAIC reporting process
- Efficient asset and cash reconciliation