Mumbai: Aegon Life, India’s leading digital life insurance company, has selected Legerity’s FastPost, a cloud-based Accounting Rules Platform, as a core component of its new real-time finance systems architecture.
This is an important milestone for the company as it rolls out a fully integrated, event-driven, cloud-based, scalable architecture.
The move will enable a digital-ready back office supporting real-time accounting and reporting capabilities for Aegon Life. A ground-breaking aspect of the implementation is the real-time streaming of data that capture business events, and seamlessly converts them into entries in the Accounting System.
Manish Falor, Chief Financial Officer at Aegon Life, commented, “Traditional finance system architectures rely on batch integration; meaning data is often outdated by the time it reaches finance. This new architecture ensures that Aegon Life’s finance department can account for business events and transactions as soon as they happen. This will deliver game-changing capabilities in enabling real-time business and partner profitability, advanced business insight, plus improved end-to-end financial control and data lineage. This implementation is an important step in our digital transformation journey.”
Jeremy Wood, CEO at Legerity, adds, “Aegon Life is paving the way for future state finance systems and data architecture. Leading-edge finance platforms like FastPost integrated with the latest data cloud and streaming technologies mean finance are equipped and ready to handle the wave of digital innovation that all firms face”.