Aladdin features a leading accounting module, featuring the following:
General
- User-defined group company structure
- Allows multiple accounting regimes (eg IFRS and FSB)
- Supports custom accounting entries
- User-defined account names and subtotal structure
- Allows drill-down to individual cover on policy level
- User-defined cost centre structure
- Automated raising entries (premium, claims, commission, receipts etc)
- Automated reinsurance accounting
- Automated accounting for VAT
Cash handling
- Support for EFT, debit order and manual settlements
- Support for settlements on behalf of or by group companies
- Automated debit order report submission and unpaid reconciliation
- Bank statement upload and reconciliation support
- Debtor and creditor control and ageings on policy level
- Cash audit trail and reconciliation reports
- Bordereaux upload and reconciliation support
Reserving
- Fully automated and real-time gross and reinsurance reserving
- Supports cover-specific 365th and uneven risk UPR calculations
- Supports reserve calculations at cover-specific user-defined rates
- Allows different reserving methods and rates for each accounting regimes
- Rich data mining capabilities to support the SAM internal model
