The Top Challenges for Insurance Accountants Part II

In Part II of our ongoing Flexi Education Series, we sit down and talk to Michelle Lucero, Senior Accountant at New Mexico Mutual

Marc Meyer: Hi Michelle, thanks for taking the time to talk all things insurance and accounting, I really appreciate it.

Michelle Lucero: No problem

MM: How long have you been working at New Mexico Mutual?

ML: About 4.5 years.

MM: What’s one of your main challenges?

ML: Right now, my main challenge is that I do everything! We do not have a single focus such as AP or AR. We do it all.

We have ten companies, and we are responsible for the full close cycle of those companies, from beginning to end every month, quarter, and annual closing. Each of our accountants is responsible for at least two companies, sometimes up to four.

So, it is easy to say what our biggest challenge is, not just for me and my team but for the insurance industry as a whole and probably many industries. It is moving away from all the manual work and finding ways to automate our accounting!

MM: Would you say you are at the crossroads of manual processes and automation?

ML: Actually, we are at the very beginning. We are in talks now of how we can do it. With 150 employees, we are still a relatively small company. So unlike large companies that can more quickly “just do it,” we are at the beginning of discussions: what it looks like, how it can work for us, and how to implement.

MM: What about on a day-to-day level. What keeps you in the weeds? What are those things that come up every day that you cannot escape?

ML: Definitely manual processes, especially recons. I handle all of our bank account reconciliations, and everything is manual. As any accountant knows, reconciliations are extremely time consuming. With no automation behind it, it can be a very tedious process, like “copy the GL, paste it in here, and then manually compare your expenses against your bank data.

In addition to our big accounts, I also do all the benefit reconciliations too. And it’s pretty much the same process, including all the manual work.

MM: A couple of years ago I did some consulting work with a company in the RPA space. The ongoing concern or belief at the time was that RPA was going to eliminate jobs, but in your case, it sounds like automation would be a good thing for your company. Do you feel that way?

ML: I do. I agree with that. RPA and automation will provide opportunities for data analysis and enable us to actually look at the big picture. Right now, we can’t do that because we’re so busy looking at the small picture and the details of the constant manual work, we don’t have the time to look beyond that.

If anything, I think the bigger problem is that people are automated (robotic) in their thinking. When our thoughts are, “this is what I’ve got to do and this is why I’ve got to do it and this is when it’s got to be done,” there is nobody looking at the bigger things that matter more. So yes, there are a lot of opportunities for automation, not just in our processes but also changing mindsets.

MM: Ok, let’s talk more about the challenges. We discussed how adopting automation is a challenge for your company and probably many others. Are there any other (challenges) you face, for example, trying to juggle ten different companies? Is it trying to automate processes across the board?

ML: I think the challenges are one in the same. It’s the automation part for sure. But, because we have ten companies, our largeness mitigates a lot of problems that we might have.

One thing to keep in mind is that because we have ten companies, there is a lot of repetition in our accounting. We’re doing the same thing but for a different company, over and over again. It’s the same reports, just different numbers. Thus, if we had automation in place it would help exponentially. We could apply those time savings across all our companies!

MM: Interesting. So, after all is said and done, it does come down to automation as the main challenge. That’s awesome that you can identify it without doubt, or at least it is if you are going to do something about it.

ML: Right. But I also think the challenge of automation is that it deters other employees from wanting to learn the job. They don’t want to get down in the weeds and perform all this manual work.

For example, I’m going to be on maternity leave soon, so I am trying to teach somebody else the job and she doesn’t want to have anything to do with it because of the manual part of it. It scares her.

This is one of the hidden problems associated with NOT automating and continuing to do manual work. It can become a problem for companies in attracting new talent, especially with a younger generation and potential employees who are looking at a business as “all manual.”

MM: Chicken or the egg, right? Ok, so you got two questions left and you’re doing great! So, in your four years there, how have newer technologies and data security affected your world? What has changed from day one to now for you?

ML: Our reporting software. We used to use this really, old school software but that has changed for the better. That was a big change because it allowed us to reduce our manual work. Also moving to cloud-based services, like I know Flexi has one and we plan on utilizing that later this year when I get back from my leave. From a security standpoint, moving to cloud-based services is a great thing. It also allows our IT department to focus on other security issues.

MM: You know it’s interesting to see how cloud computing is rolling in like a fog into the accounting industry but there are still some on-prem hold-outs out there. But in the end, the cloud is the way to go. It’s pretty evident right?

ML: Yes, it frees up a lot of our servers and we spend a lot of money on servers. It’s even affected our AP function – we no longer use paper. Nobody is turning in paper anymore. Within my four years that’s been a big change. For example, I sit next to the AP Clerk and I used to see stacks of check requests but now we’re using Flexi Workflow and now everything is more automated and more organized, with much less room for error. It all really helps and that’s another automation perk that’s really beneficial.

MM: What’s on your wish list? What are you looking forward to when you come back from maternity leave?

ML: Ironically, I just got promoted last week and my boss mentioned that she wants me to drive the automation push. So, my first thing I want to do when I come back is move to Flexi’s cloud accounting software. That will be my first project.

After that, I want to work with our BA team so that we can look at where do we begin with the automation of our reports and possibly working with Flexi to see if we can do some type of accounting automation with our monthly entries. So those are my two biggies when I get back.

MM: How do you feel about AI?

ML: I’d welcome it, but I think we’re years away. Though I do think AI in accounting is applicable, or will be. You were talking about fraud earlier, I think that given that people are so in the weeds with work it’s easy for things to get overlooked or for people to game the system. So I think AI would be helpful in recognizing fraud. It would also again, allow people to focus on other things. So, it’s not taking jobs away but rather expanding knowledge and expanding the job.

MM: Two minutes left. What do you love about your job?

ML: My manager and my department. They are wonderful. Like, they’re awesome. I have a great team, great manager and great co-workers. I love that I’m given the opportunity to look for other ways of becoming more efficient and/or change things. They’re always open to new ideas. I love that I’m able to learn everything, it’s not just one section, my knowledge base increases constantly.

MM: You’ve been working from home since Covid hit?

ML: Yes and honestly, working from home has increased my productivity and my focus; no distractions. In fact, I’m amazed what I’ve done from home in a year versus what I could have done in the office.

MM: Michelle, we are done. I want to thank you for your time, your answers were awesome. Good luck on maternity leave and we will talk to you soon. Thank you so much.

ML: Thank you!

Insurance Accounting Software Industry Size 2019

A Research study on Insurance Accounting Software Market analyzes and offers ideas of exhaustive research on ancient and recent Insurance Accounting Software market size. Along with the estimated future possibilities of the market and emerging trends in the Insurance Accounting Software market.

As per the report, the Insurance Accounting Software market is predicted to gain significant returns while registering a lucrative annual growth rate during the foreseen time period. 

Flexi is among the leading providers of Insurance Accounting Software covered in the report. Request a copy from Express Journal.

5 Features You Should Seek For Secure, Compliant Accounting Software in the Insurance Industry

The insurance industry is a heavily regulated industry that requires assurance and compliance that only the best accounting software companies can provide. If you work in the insurance industry, you should be well-versed in the unique struggles you face–and you should seek insurance accounting software that helps you do your job better.

Here are five features you should seek and expect from your accounting software if you work within the highly regulated insurance industry:

  1. Additional automation. This will provide better security, more internal controls, and less risk of human error.
  2. Stronger reporting. This should include the ability to facilitate the creation of statutory reports.
  3. Flexibility. This should include the ability to quickly adapt to the ever-changing compliance requirements.
  4. Simplified, multi-book accounting. This enables users to track GAAP, statutory, and adjust simultaneously.
  5. Better security. This will provide more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements.

Flexi for your insurance company

Flexi understands the heavily regulated insurance industry and can guide you through the implementation process to ensure that the security, compliance, and performance mandates you need most are met.

When you choose Flexi as your accounting software provider, you gain the expertise of 25+ years serving insurance customers. Additionally, you gain the expertise of the government entities that rely on Flexi to efficiently manage claim processing needs associated with healthcare programs and disaster relief assistance.

With a seamless integration into policy, billing, and claims systems, Flexi creates superior efficiency and accuracy for insurance companies that cannot be replicated by ordinary accounting software. Feature highlights include:

  • Multi-company, multi-books (GAAP, STAT)
  • Premiums recognition
  • Workflow automation
  • Claim payments
  • Built-in compliance and audit
  • Powerful allocations
  • Global currency conversion
  • Reporting and analytics

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future.

Learn more about Flexi today. Call 800-353-9492.

Why Insurance Companies Love Using Our Financial Management Software

Flexi automates the entire accounting workflow process and delivers ROI in months. As a result, your finance team can spend far less time on the close, consolidation, and reporting processes, instead focusing their efforts on being proactive and strategic.

With Flexi, you won’t be stuck with a costly system that leaves you unable to adapt to changing market or business needs. Flexi offers extreme flexibility in every way.

As such, insurance companies love using Flexi’s flexible financial management software for a variety of reasons. Here are just a few.

Flexi’s Insurance Accounting Software Capabilities

Flexi’s insurance accounting software comes with the following benefits:

  • Statutory set of books
  • Departmental P&Ls
  • Claim payments and draft
  • Premiums recognition
  • Detailed record of billings
  • Chart of Accounts Master
  • 1099 processing
  • Powerful allocations

Flexible Insurance Accounting Software

Flexi’s open architecture allows flexibility to choose stand-alone modules as business needs dictate. But insurance companies will gain the ultimate speed and power with Flexi’s entire financial management software platform, uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into policy, billing, and claims systems.

More reasons to explore Flexi’s insurance accounting software

  • Additional automation provides better security, more internal controls and less risk of human error.
  • Stronger reporting, including ability to facilitate the creation of statutory reports.
  • Ability to quickly adapt for ever-changing compliance requirements.
  • Simplified multi-book accounting enables users to track GAAP, statutory and adjust simultaneously.
  • Provide better security, more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements.

Process-Driven Insurance Accounting Software

Flexi’s 25+ year history is rooted in serving industries where security, compliance, speed, and performance are paramount; industries such as insurance, banking, and healthcare.

Nearly 2,000 insurance and healthcare company sites rely on Flexi’s accounting software. Flexi’s integration with policy, billing, and claims systems creates superior efficiency and accuracy. Government entities also rely on Flexi to efficiently manage claim processing needs associated with healthcare programs and disaster relief assistance.

Flexi is uniquely designed to help insurance companies manage complex regulatory requirements and adapt to changing market demands.

Flexi

There are many reasons to trust Flexi. Learn more about Flexi accounting software solutions to see why Flexi is a great fit for your insurance company. Call 800-353-9492 to set up a demo today.

Flexi Offers the Insurance Industry a Great New Accounting Tool

The insurance industry depends on adept accounting software, and Flexi’s software currently supports nearly 2,000 insurance and healthcare companies. Flexi’s 25+ year history is rooted in serving industries where security, compliance, speed and performance are paramount; industries including the insurance field.

Flexi’s software integrates with policy, billing, and claims systems, creating superior efficiency and accuracy. Government entities also rely on Flexi to efficiently manage claim processing needs associated with healthcare programs and disaster relief assistance.

Watch a video to learn how Flexi is uniquely designed to help insurance companies manage complex regulatory requirements and adapt to changing market demands.

Flexi’s insurance accounting software capabilities

Flexi’s insurance accounting software offers the following capabilities and benefits:

  • Statutory set of books
  • Departmental P&Ls
  • Claim payments and draft
  • Premiums recognition
  • Detailed record of billings
  • Chart of Accounts Master
  • 1099 processing
  • Powerful allocations

Flexible software

Flexi is aptly named for its flexible software capabilities. Flexi’s open architecture allows flexibility to choose stand-alone modules as business needs dictate. But insurance companies will gain the ultimate speed and power with Flexi’s financial management software platform, uniquely designed to allow financial data to flow securely wherever it is needed.

Additionally, Flexi software does so much more:

  • Additional automation provides better security, more internal controls, and less risk of human error
  • Stronger reporting, including ability to facilitate the creation of statutory reports
  • Ability to quickly adapt for ever-changing compliance requirements
  • Simplified multi-book accounting enables users to track GAAP, statutory, and adjust simultaneously
  • Provide better security, more internal controls, less manual intervention, and stronger reporting for maintaining compliance requirements

Flexi

Flexi offers a full suite of products to help your accounting staff perform and deliver–and save time while doing it.

With Flexi, you can streamline and automate labor-intensive financial management functions using accounts payable, general ledger, project management, and fixed asset solutions.

Flexi is an industry leader for a reason. With expertise in all aspects of accounting and 25 years experience, the Flexi team can offer the best of the best. Even better, Flexi offers cloud-based web services that not only streamline processes, but also make data accessible 24/7 from any device with an internet connection.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.