Product page - IFRS 17 - Aptitude Software



Crafted for IFRS 17 compliance today, with the flexibility for tomorrow

Aptitude’s IFRS 17 Solution and IFRS 17 Comply provide all the capabilities you need to quickly comply with the standard while providing long-term benefits beyond compliance.

Get the solution brief

Compliance, control and insight post-IFRS 17

The IFRS 17 standard went into effect for public companies in January 2023, but for most insurers there is still work to do. As insurers look to streamline and automate compliance, many are focusing on refining processes, understanding the changes in KPIs and addressing gaps in their existing systems including:

  • Improving the granularity and consistency of data
  • Removing manual and spreadsheet-based requirements
  • Increasing automation to allow teams to focus on more value-adding tasks

Aptitude’s IFRS 17 solutions deliver better business value:

Provides IFRS 17-specific project accelerators including accounting templates, chart of accounts and finance data models

Allows insurers to select GMM, PAA or VFA approaches and accommodates the needs of reinsurers

Opt for the full solution or a pre-configured option for quick and efficient compliance

Lay the groundwork for a broader finance transformation

Trusted by insurance companies across the globe

Award-winning for four years running

Named Category award winner for IFRS 17 – IFRS 17 Accounting Systems 

For the 4th year in a row, we’ve been recognized by Chartis Research as the category award winner for IFRS 17 – Accounting Systems for the strength of our IFRS 17 solutions. Chartis Research is the leading provider of research and analysis on the global market for risk technology.

IFRS 17 Comply

Comply is a pre-configured, out-of-the-box version of the full IFRS 17 Solution. It enables insurers to comply quickly and effectively with IFRS 17 requirements based on best practices built into the solution.

Comply is perfect for smaller insurers looking for rapid, low-cost IFRS 17 compliance with the potential to extend the solution at a later date to support complex configurations and broader finance transformation. It’s the solution selected by wefox, Hollard and ClearView to get them up and running in weeks not months.

Finance teams can benefit from:

Implementation in weeks, not months

Cost effective compliance

Collaboration with Big 4 consulting firms

Request a demo of IFRS 17 Comply

Solution architecture

Data integration

Standard APIs support data ingestion from any source system and ensure data is complete and accurate.

  • Provides full drill back capabilities from postings to the supporting transaction-level detail
  • Easily integrates with existing actuarial landscape
  • Integrates and standardizes data

Aptitude Insurance Calculation Engine (AICE)

IFRS 17 calculation engine that includes functionality to recognize and classify insurance contracts, perform IFRS 17 calculations and generate business events to feed the accounting engine and subledger.

  • Supports GMM, VFA and PAA
  • Maintenance of cohorts and groupings
  • Liability for Remaining coverage – supports FCF and GWP calculation methods
  • Onerous testing and calculation of loss component

Accounting Engine

Business rules engine that contains IFRS 17 configurable accelerators
including 168+ business events, Chart of Accounts and disclosure templates.

  • Significantly reduce IT customization and accelerate implementation and compliance
  • Standardizes accounting application and centralizes the management of rules
  • Leverage built-in accounting best practices from our global implementations

Subledger

Fully functional multi-entity/GAAP/currency/period subledger with
accelerators to support accounting for financial services and insurance operations.

  • Extensible finance/actuarial/risk data model underpins the solution
  • Holds the granular data required for compliance and management reporting
  • Provides a foundation for broader finance transformation

Reporting layer

All regulatory reporting data is stored in the subledger in granular detail and can be aggregated as required.

  • Configurable IFRS 17 reporting templates available
  • Data can be accessed by the client’s reporting tool of choice
  • Full data lineage and traceability to help explain changes to KPIs

Filling the gaps in an IFRS 17 architecture

Get the eBook

IFRS 17 is a challenging, complex standard, and reaching compliance by the January 2023 deadline was a race. Now many insurers who opted for a more tactical solution are revisiting their finance architectures and looking to plug gaps left by compliance-only solutions.  

Check out our recent eBook, with comments from EY, which covers: 

  • Typical gaps in tactical IFRS 17 solution approaches 
  • Ways to address IFRS 17 gaps in existing systems 
  • Tactics to address additional finance data and automation priorities alongside compliance efforts 

 

The strength of Aptitude’s references, the completeness of their IFRS 17 Solution and the specialist nature and focus of their organization was important to us when making this decision. Their deep understanding of the Insurance industry and the IFRS 17 standard will help us implement the standard faster than other vendor alternatives.

– Apra Sekhon, Chief Innovation Officer, ​CAA Club Group

Find out how we can help you get compliant with IFRS 17!

Ask about a demo

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