The UK operation of insurance firm Ace European is set to implement financial reporting software before Christmas on the back on a deal just signed between Ace European and SAP.

The insurer has bought SAP Business Planning and Consolidation software to replace its use of Microsoft Excel and Access for statutory and management reporting.

Ace European is the European arm of global insurer Ace. It has grown rapidly in recent years and said it now needs to revamp its reporting systems to support the business.

It said implementing SAP’s BPC software would enable it to move to a unified system and enable a more strategic approach to reporting.

If the UK roll-out goes smoothly Ace has an option to extend the project to the remainder of its Europe operations.

John Turner, head of end user applications at Ace European, said the BPC system would “provide a central repository for all key financial data within Ace European” but have an interface that looked to users like Excel.

“This means users don’t have the complication of learning how to use a new system; however the accuracy and consistency of reporting will be greatly improved and a single version of the truth will be delivered.”

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