IFRS 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
"We were impressed by the amount of out-of-the-box IFRS 17 specific intellectual properties (Aptitude Software) offered."
Richard Poon, Finance Director, FWD Group
“Don’t underestimate the amount of time it takes to find the required data to fullfil the extensive IFRS17 primary financials and disclosure requirements.”
EY, Implementing IFRS 17: Experiences from the field
Francesco is currently leading the development and delivery of Deloitte's global IFRS Insurance solutions. He is also a member of the IFRS 17 Transition Resource Group.
"Data, systems and processes are core ingredients for a successful IFRS 17 implementation; taking a strategic look at the future IT Finance Architecture is an essential step to compliance with IFRS 17 and to add business benefits from it."
Anindya has worked with several CFO offices across the globe and brings considerable IFRS implementation and reporting knowledge.
“IFRS 17 is a one of a kind implementation experience which will bring finance and IT together to solve the tough challenge of completing data calculations with data feeds that differ in granularity. Ultimately this will provide a more transparent picture of profitability, risk and the future road map”
Linda brings over 20 years of functional and technical accounting expertise to her current position. She has participated in numerous IFRS 17 project briefings and overseen multiple IFRS 17 POCs.
“IFRS 17 is a complete break with existing processes and creates a massive increase in demands on the finance and actuarial teams. It’s critical that this complex accounting process is controlled in a robust, centralized finance environment.”
Phil brings over 20 years in solution software provisioning, business process definition and finance transformation. He is currently the product owner of the IFRS 17 Solution.
"Whilst IFRS 17 poses several challenges for the insurance industry in terms of systems integration, data granularity, processing options, solution selection and program delivery, it also represents a once in a generation opportunity to realize a common information landscape - to upgrade & optimize key systems, streamline business processes and closely align the actuarial, finance and business control functions across the businesses."
“It is almost like there is now a new financial language that insurance companies must learn to speak to their stakeholders, and the dictionary and grammar are in IFRS 17. Just as when you learn a new language you have to dedicate a lot of time to it and you have to practice, similarly the work that the consultants we are trying to hire are going to be doing is to help insurance companies understand what they need to do to change the way they communicate their financial performance.”
Francesco Nagari, Global IFRS Insurance Leader, Deloitte
IFRS 17 is truly collaborative project between Actuarial, Accounting and IT – – complete with its own brand new jargon.
Lisa Penfound, CPA, CA IFRS Program Director, Co-operators Group Limited
“Implementing IFRS 17 compliance reporting, is a major financial transformation for any insurance customer, which will impact at all three models (Business, Operations and Technology.) Aptitude Software’s solution can be considered as core financial transformation (technology model) built for this purpose. This will help in building increased granularity and a robust sub-ledger system, a “single source of truth” for all Financial and Management reporting.”
Anindya Sundar Dhar, Associate Director, Cognizant
“We’d like to look at what useful information could come out of the IFRS 17 data requirements – this will help us make a business case and determine whether we use IFRS 17 as an opportunity to improve other finance challenges. For example, IFRS 17 could mean we have a consistent COA across all our businesses – this is a real opportunity. If we don’t take the chance to use IFRS 17 to fix our finance systems architecture, will we get another chance?”
Global Insurer & Aptitude Software roundtable participant
“We are an international Life, Non-life and Reinsurance group with many different reporting bases. We started the IFRS 17 program in 2016 and quickly became aware of its complexities and far-reaching implications. We therefore designed an approach which aimed to use the significant investments required for IFRS 17 as the base to further upgrade our market value reporting environment. This should support us in delivering better and faster information at significantly lower cost levels. The Aptitude Software IFRS 17 solution and partnership is one of the core elements to enable us in this endeavor.”
Group Finance Director, International Insurance Group
“If you view it (IFRS 17) simply as a reporting exercise, you’re not going to be able to deliver it – IT needs to be at the table.”
Lisa Wardlaw, VP & Treasurer Munich RE, US Life
“IFRS 17 is going to fundamentally change how we measure and report our insurance contracts. The basic measurement model has the same building blocks as Solvency II, but overlays a performance mechanism to measure profit – that’s where the complexity comes in.
Jo Clube, Aviva
“The notion that IFRS 17 amounts to solvency II with a few adjustments is incorrect. In practice, extensive re-engineering of data storage an actuarial and finance systems to generate all the necessary information will be required.”
Nic Nicandrou, CFO Prudential
Head of Financial Advisory at Aptitude Software, recently shared her insights and lessons learned from recent Proof of Concepts and in-depth engagements with insurers around the world.Request presentation