If Insurance gains deeper insight into performance data
The challenge
As the leading property and casualty insurer in the Nordics, If Insurance manages large volumes of financial data across its investment portfolios. The company uses a treasury management system to handle front-to-back investment and cash flow processes, while its Investment Accounting team runs Oracle’s JD Edwards EnterpriseOne (E1) for accounting.
Each month, the accounting team reconciled portfolio performance data against accounting records — a process that required manually extracting, copying, and comparing large data sets from multiple systems.
“The cumulative amounts of data to be reconciled for each instrument or transaction are large,” explains Anita Enström, Head of Investment Accounting at If. “For example, a single bond paying twelve monthly interest coupons could generate over 100 rows of data.”
The manual reconciliation process was slow, repetitive, and error-prone. The team needed a more efficient, transparent, and reliable way to ensure alignment between systems and improve data quality.
The solution
Having previously worked with SkySparc during its system upgrade, If was already familiar with OmniFi, SkySparc’s platform for data integration, testing, and automation. During the upgrade project, it became clear that OmniFi’s built-in Reconciliation Module could deliver the automation and control If was looking for.
SkySparc’s consultants used their deep understanding of the systems to map instruments and transactions from the treasury system to E1 formats within OmniFi. The solution automatically matches portfolio data against accounting entries and flags discrepancies outside predefined tolerances.
Some fine-tuning was carried out to optimize parameters and enhance report presentation. “SkySparc’s consultants were very supportive and knowledgeable, ready with alternatives and solutions to every small issue,” says Enström.
“The quality of the reconciliation report from OmniFi is excellent and consequently we have a faster process and better understanding of the data. The solution makes the data more transparent.” — Anita Enström, Head of Investment Accounting, If Insurance
The result
The automated reconciliation is now fully live, allowing If’s Investment Accounting team to complete the monthly reconciliation at the press of a button. The new process is faster, more accurate, and less dependent on manual effort or specialist system expertise.
“The quality of the reconciliation report from OmniFi is excellent,” Enström continues. “We now have a faster process, clearer understanding of the data, and better control overall. The solution makes the data more transparent and allows us to accept or reject differences case by case.”
OmniFi’s intuitive interface allows the accounting team to manage the process independently, using familiar Excel-based outputs without needing technical support. The department expects the full monthly reconciliation to take less than one hour going forward.
Quick facts
- OmniFi’s Reconciliation Module automated the monthly reconciliation between the portfolio management and accounting systems
- Improved transparency, accuracy, and process speed
- Reconciliation now performed by accounting professionals without system specialists
- Full reconciliation completed in under one hour
If is the leading property and casualty insurer in the Nordic region, with over 4.6 million customers in the Nordic and Baltic countries. If offers a full range of P&C insurance solutions and services to a broad customer base, from private individuals to large corporate customers. If operates on a pan-Nordic basis leveraging both scale and capabilities across all areas in If. If's key success factor is continuous improvement of its operations.
