Eurobase Systems, suppliers of underwriting systems to Lloyd's and the London market, has launched Prism, a business performance management system.
Prism is aimed at insurers who want to improve the speed and accuracy of their financial reporting.
It is also claimed to improve risk management strategies to meet the FSA's compliance requirements.
Eurobase Consultancy Director Ian Forwood said: "Apart from the odd exception, current management information and processes are totally inappropriate for meeting these critical concerns."
Eurobase is hoping Prism will boost its chances of increasing its share of the London market.
The company recently alerted the Office of Fair Trading (OFT) to the activities of rival technology provider Xchanging, which, it claimed, was abusing its monopoly position in the market.