Client Testimonies

    By using Virtusa, we were able to integrate the insurance industry's best practices into our solution and streamline our implementation.

    Randy Gonzalez
    Chief Information Officer, Chartis Insurance

    Virtusa’s ability to transform best practices from other industries to the health care sector was crucial in our implementation. Their knowledge of the SAP product and creative thinking are second to none.

    Chad Tate
    Director of Treasury Operations
    Blue Cross Blue Shield of Minnesota

    Virtusa’s extensive industry knowledge and deep expertise in SAP for Insurance were critical to our project going live on time and under budget. Their team of dedicated professionals supported us through every phase of our project, from the initial training to design, realization and production
    support.

    Richard Harron
    Director of IS Solutions
    Insurance Company of British Columbia

Management Accounting

Accounting for Financial Service Organizations (in particular for Insurance Companies) is bound by accounting principles and reporting requirements which require specific closing procedures. Increasing globalization and the pressure to close within shorter time periods increases demand on the scope, quality, and speed of accounting processes. We support our clients in the development of solutions in the following areas:

  • NewGL and IFRS Migration and Implementation
    • Overall Complexities in landscape, instances, versions and technologies make it very important to have the right New General Ledger (NewGL) migration strategy. We offer specialized services around NewGL Migration along with implementation of IFRS requirements through working closely with the auditors of financial services companies.
  • Parallel Accounting
    • We provide services in fast close, or shorter closing cycles via process optimization, a combination of actual and estimated data, forecasting, and month-end closing.
  • Insurance-Related Accounting
    • We provide services in calculation of reserves, balance sheet and P&L based on additional account assignments, offsetting with service providers, and balance sheet cost distribution.
  • Reporting for Supervisory Bodies and Authorities
    • We offer our clients consulting services and special tools to accelerate the process and minimize costs. Take advantage of our years of experience on numerous projects, with clients such as Zurich, Gothaer, and HDI.