Aptitude Software has assembled the right experts, tools and knowledge to help you on your journey.
"IFRS 17 has to be implemented by 1 January 2021. It sounds like a long way off, but you’re going to have to start designing those systems fairly soon."
Richard Olswang, Head of Finance Actuarial, Prudential
"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
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.”
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”
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."
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
“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
“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
Aptitude Software was invited to present at the recent Deloitte IFRS 17 Event in Paris, France. Our presentation covered our work on helping CFOs transition to a next-generation finance architecture.Request presentation