Policies, claims and reinsurance handled in a system built for them, with the resulting accounting posted into Sage 50 so the ledger stays complete.
An insurer running Sage 50 quickly discovers that policies and claims do not fit a general accounting system. Premiums, instalments, reinsurance, credit control against brokers and the statistical reporting a rating agency expects all have their own structure and their own timing, and none of it is what Sage 50 was designed for.
The common outcome is a set of spreadsheets doing the policy accounting and a person transferring the results into Sage. That does not scale with the business, and it becomes a control problem long before it becomes a capacity problem.
We built an insurance and reinsurance policy system that manages policies and claims and posts the accounting into Sage 50, so the insurance logic lives where it should and the ledger stays in Sage.
The posting into Sage 50 is handled by our bridge service, which is also under our reporting and Visualfiles work. That is why a system of this kind is not a from-scratch project.
In 2020 Klapton approached Powersoft about a bespoke insurance and reinsurance system. They needed to streamline their processing of policies and in particular manage the postings within their Sage accounts. Klapton selected Powersoft after a rigorous search process; their CFO Rob Bygrave said we stood out primarily due to our collaborative approach to the implementation.
Rob Bygrave led the project alongside Klapton's CTO Justin Tuson, and described the system as vital to supporting continued growth in both the size and complexity of Klapton's business. He added that it would deliver significant benefits through increased automation of processes and would be a powerful tool in analysing and interpreting the business — particularly in trend analysis, credit control, reinsurance reporting and rating agency statistical analysis.
Colin Eley, who managed the project from the Powersoft side, said: "The key to the success of this type of project is in building the relationship with the client at the outset in order to gain a clear understanding of the requirements."
Policies handled through their lifecycle rather than tracked on a spreadsheet beside the accounts.
Claims managed alongside the policies they belong to, with the accounting consequences following automatically.
The resulting accounting posted into Sage 50 so the ledger is complete without anybody retyping it.
Trend analysis, credit control, reinsurance reporting and statistical analysis built on data that is finally in one place.
Not on its own. Sage 50 is a general accounting system; policy and claims accounting has its own structure and its own timing. We build the policy system alongside it and post the resulting accounting into Sage 50, so the ledger stays in Sage and the insurance logic sits where it belongs.
It streamlines the processing of insurance and reinsurance policies and manages the postings into their Sage accounts. Klapton identified benefits in automation of processes and in analysing the business, particularly trend analysis, credit control, reinsurance reporting and rating agency statistical analysis.
It was built for Klapton, but the components underneath it are ours and are reused. If you are running policy or claims accounting through spreadsheets alongside Sage 50, the conversation starts from something that already exists rather than from a blank page.
We built a system that handles it, working closely with the client's own finance and technology leadership. We would not claim to be insurance specialists in our own right; we are software people who have delivered in this domain and know how to work with people who are.
Tell us what Sage 50 will not do for you and what you are working around today. We will tell you honestly whether it needs bespoke development, a change of process, or nothing at all. We are based in Horsham, West Sussex, and we work with Sage 50 clients across the UK.
Telephone: +44 (0)1293 562730
Email: sales@powersoft-services.co.uk
We can supply Sage 50 if you want us to, but we do not depend on it. No licence revenue means no reason to recommend an upgrade you do not need.