- On-premise systems that have reached end-of-life
- Excel-heavy processes for reconciliation and reporting
- Reporting tools that no longer reflect operational complexity
These systems rarely fail in obvious ways. Instead, they slowly erode control, auditability, and decision-making, making finance a governance risk rather than a value-added function. In high-risk insurance, the main problem is often the structure of the accounting system.
Read more:Third-Party Risk Accounts for 59% of Insurance Data Breaches. Why?
Key takeaways:
- Financial risk in insurance grows when accounting systems cannot manage complex debtor and creditor relationships or multi-entity operations.
- Infor SunSystems Cloud helps lower this risk with an insurance-specific accounting system, along with automation and built-in controls.
- The GIC example shows that moving to the cloud is valuable only if it improves long-term financial control and compliance.
The accounting challenge behind insurance financial risk
Insurance finance is structurally complex
Insurance finance works differently from most other industries. One company can be both a debtor and a creditor, depending on the transaction—paying premiums at one time and receiving claims or commissions at another [1].
Insurers also have to manage overlapping financial flows, including premiums, claims, reinsurance, commissions, and internal allocations. This gets even more complicated when it involves multiple branches and business units. If finance systems are not built for this complexity, risk shifts to Excel, where it becomes much harder to see, control, and audit financial data.
Read more:The Use of Spreadsheets and Modern Cloud Adoption in Businesses
How Infor SunSystems Cloud operates in high-risk insurance environments
Infor SunSystems Cloud tackles insurance-specific financial risks by improving the system’s core design [2]:
- The unified ledger accounting system allows a single company to assume multiple financial roles in a single ledger. This means there’s no need to separate debtors and creditors, so finance data can accurately reflect the flow of premiums, claims, and commissions without extra duplication or manual fixes.
- Automating processes across Record-to-Report, Procure-to-Pay, and Order-to-Cash reduces manual work and spreadsheet controls, which often lead to errors in complex insurance settings.
- With built-in controls, visibility, and auditability, insurers get real-time access to financial data and a clear audit trail. This helps them meet stricter regulatory and compliance rules.
- Infor SunSystems Cloud is a cloud-based SaaS platform that removes the risks of outdated legacy systems. It also offers the stability, security, and scalability needed for long-term growth.
These principles are already proven in real-world insurance operations at scale.
To learn more about Infor SunSystems Cloud, watch our on-demand webinar →
Case study: How Global Insurance Corporation reduced financial risk with Infor SunSystems Cloud
Global Insurance Corporation (GIC) is a major non-life insurer in Vietnam with many branches and complex products. As GIC grew, financial accuracy, compliance, and reliable reporting became even more important for managing risk.
The risk tipping point
GIC’s finance system used SunSystems 6.2 and Infor Q&A 10, both of which were outdated. This led to several key risks:
- No ongoing vendor support, increasing security and compliance exposure.
- Reporting limitations due to 32-bit Excel dependency, restricting data volume and analysis.
- Manual intercompany processing, introducing bottlenecks, reconciliation delays, and higher error risk.
The main issue was not how the system performed, but whether it could be controlled and audited over the long term in a regulated insurance setting.
To fix these risks, GIC moved from an on-premise system to Infor SunSystems Cloud (SaaS), rebuilding its finance core with a focus on risk control. They also upgraded to Infor Q&A 12 (64-bit) to handle larger volumes of data and improve reporting reliability.
To lower operational risk, GIC reorganised its business units and automated intercompany processes. This removed manual reconciliation steps that used to slow down closing cycles and increase errors.
By integrating with Infor OS, using ION for process management and IDM for document handling, GIC improved data consistency and audit readiness even more.
Watch now:On-demand Webinar | Unlocking the Power of Infor OS – The Next Level for SunSystems
As GIC’s implementation partner of choice, TRG International also provided user training based on each role, making sure everyone used the system in line with governance, control, and compliance needs instead of relying on personal shortcuts.
As a result, GIC saw improvements that directly reduced financial risk:
- Removal of end-of-support and infrastructure risk.
- Faster, more accurate, and audit-ready financial reporting.
- Reduced reliance on Excel and manual reconciliation.
- Lower IT operating costs and system maintenance burden.
- A finance platform ready to scale with future business and regulatory demands.
For GIC, moving to Infor SunSystems Cloud was more than just a technology upgrade. It was a strategic decision to improve financial control in a high-risk insurance setting.
TRG International helps insurance companies like GIC see how Infor SunSystems Cloud can improve financial control, compliance, and long-term resilience. Contact us to learn more about how we can help you implement it.
[2] https://dam.infor.com/api/public/content/ad3faad03e2c4a2281e514da5ca97bab?v=7f9f9ee4
