Financials Management

STEP-Financial-ManagementSTEP has an integrated General Ledger that can be configured to the Carrier’s Product Chart of Accounts. The Policy Accounting is maintained at the Product / Plan code level and each carriers external general ledger accounts can be mapped to the policy product accounting structure using STEP Product configuration of the General Ledger. The integrated reporting and analysis tools allow for financial reporting based on time periods and accounting hierarchies – these reports are available as hard copies, excel spreadsheets or as data feeds/interfaces to downstream carrier AP, AR or General Ledger systems.

The Carrier/Product chart of accounts allows reporting at the product, line of business or carrier group level. Financials for all the accounts are managed at the Carrier product processing cycles configured as part of the product configuration. Rules for managing the calculations and reporting are configured by a “Financial Specialist” role within the STEP platform. These rules can be triggered as part of the processing cycles or as part of the business transactions during the policy lifecycle.