Whether your organization is looking for a rapid implementation or looking to use a compliance project to lay the groundwork for a finance transformation, Aptitude Software has Insurers ‘comprehensively covered’ for IFRS 17 compliance.
Aptitude’s market-leading IFRS 17 solutions are trusted by Insurers around the globe. Book a 15-minute call with our team today to learn why we are the provider of choice for Insurers and Insurtechs.
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Aptitude Software has been named category leader in the Chartis RiskTech Quadrant® for IFRS 17/LDTI Compliance: Accounting Systems, 2022. Aptitude also recently won the IFRS 17 – Accounting Systems category award in the recent Chartis Research 2022 RiskTech100® Report.
Sidhartha Dash, Research Director at Chartis, stated, “Aptitude Software is a category leader in Chartis’ RiskTech Quadrant for IFRS 17 Accounting Systems for 2022. This reflects its strong capabilities in the key structural components of sophisticated accounting systems, including general ledger integration, multi-standard support and subledger functionality.”
Learn More About IFRS 17IFRS 17 experts, tools, and knowledge to help you on your journey. Make the most of the lessons on compliance, insurance standards and resources we have learned about IFRS 17.
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IFRS 17 Insurance Contracts was completed by the International Accounting Standards Board (Board) in May of 2017. IFRS 17 replaces IFRS 4 and sets out principles for the recognition, measurement, presentation, and disclosure of insurance contracts.
Widely believed to be the most significant and challenging regulatory change to hit the industry in decades, the standard will result in significant changes to the way that financial information is presented and adoption will require significant planning, expertise, and budget dollars.
All insurance companies reporting under IFRS (International Financial Reporting Standard) will be impacted by the new reporting standard when it becomes effective in January 2023. IFRS 17 will result in significant changes to the way that financial information is presented, and adoption will require significant planning.
IFRS 17 is a “must meet” compliance requirement for affected insurers. Many firms, especially smaller insurers, are seeking to comply with minimal disruption, at the lowest possible cost, and with limited resources.
To meet this need for quick implementation, Aptitude developed IFRS 17 Comply. IFRS 17 Comply contains a pre-defined set of product functionalities based on our extensive implementation experience. These capabilities are reviewed and validated with the client. Any requirements outside of the standard configuration will be identified and factored into the delivery plan.
For most clients, the phased approach to an agreed-upon project scope and delivery plan runs just 6 weeks with implementation complete in weeks and not months.
For some Insurers, IFRS 17 is a catalyst to modernize the finance, actuarial, and risk functions. At the heart of this effort is data – creating a shared finance data repository that integrates the required actuarial and financial data points required for real-time reporting and planning. A subledger can greatly help in this effort. Subledgers integrate, standardize and store data at a very granular level to enable users and leadership to really drill into the drivers of their profitability. A pre-built but flexible data model can be configured in-house to meet bespoke needs.
For more information about the role a subledger can play in IFRS 17 compliance, please read: Why IFRS 17 is giving subledgers the chance to (finally) shine.
Yes, Aptitude IFRS 17 solutions are available in a number of deployment models. Solutions can be deployed on-premise, in a private or hybrid cloud, or as Software as a Service.
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