How to comply with IFRS 17 standard fast - Aptitude Software



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IFRS 17 Comply

Rapid implementation with our pre-configured, yet flexible out of the box IFRS 17 compliance software solution
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Accelerate IFRS 17 Compliance
Integrations, accelerators and data-models allowing clients to be running in weeks
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Flexible and Highly Scalable
Multiple deployment models, can be extended to meet evolving business needs
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Cost Effective and Efficient
Achieve efficient compliance whilst retaining the option to tailor functionality
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Globally Proven Award Winning Brand
Aptitude has a proven track record in delivering leading regulatory software for the CFO

What is Aptitude IFRS 17 Comply?

Aptitude IFRS 17 Comply is SaaS solution that delivers rapid, cost-effective, efficient IFRS 17 compliance.

A simplified, pre-configured version of our full Aptitude IFRS 17 Solution, it’s designed for insurers looking for a fast, standardized path to IFRS 17 compliance, while laying the foundations for future transformation projects.

Click below to learn more with one of our experts or arrange a demo to see it in action.

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Purpose built to accelerate IFRS 17 compliance

IFRS 17 is a “must meet” compliance requirement for affected insurers. While some insurers are using the Standard as a launchpad for the transformation of their finance and actuarial capabilities, many firms, especially smaller insurers, are seeking to comply with minimal disruption, at the lowest possible cost and with limited resources.

To meet this demand, Aptitude has developed IFRS 17 Comply to meet the needs of insurers looking for a pre-configured solution that is quick and easy to implement yet meets the compliance requirements.

IFRS 17 Comply contains all the functionality required to achieve compliance for P&C Insurers, Life Insurers, and Reinsurers. It is easily integrated into existing finance and actuarial technology landscapes with minimum disruption and supports compliance under GMM, VFA and PAA.

The solution also includes a subledger with a rich, highly granular data model that can serve as the foundation for progressive finance transformation at a future date, protecting the investment and enabling future strategic value beyond compliance.

 

The speed and ease at which IFRS 17 Comply can be implemented is a value differentiator

Projects are delivered by Aptitude’s Professional Services organization who work with the client and delivery partner of choice to define requirements, configure and test the output and project manage the program. Implementation teams include individuals with specific solution experience.

Aptitude Software takes a phased approach to an agreed project scope, delivery plan and commercials. Further details are available in our solution brochure.

SOLUTION BRIEF

The key features and accelerators of Aptitude IFRS 17 Comply

Easily comprehensible data sourcing documentation to explain the data required from PAS, claims and actuarial systems, and data sources
Accounting under all measurement models including GMM, VFA and PAA
Built-in set of reports to support each measurement model, such as the Analysis of Change and reporting dashboards
GL extract file can integrate into all common market General Ledgers
Standard IFRS 17 Chart of Accounts
Pre-built data model for ingested data

IFRS 17 Comply Core Offering diagram

1. Data requirements documentation to accelerate data sourcing

2. Pre-defined data requirements to be populated with client data

3. Pre-defined measurement models calculations

4. IFRS17 Business Event catalogue which triggers generation of the accounting

5. IFRS 17 Posting Rules catalogue – pre-defined accounting for all measurement models

6. Disclosure templates and standard reporting suite pre-built

7. Standard GL integration accelerator to integrate reportable data into the GL

Must meet criteria

tickExternal calculation of the risk adjustment

tickSingle GAAP (IFRS 17)

tickAcceptance of baseline Chart of Accounts (can be mapped to client GL CoA)

Options outside of core functionality

  • Connecting to systems other than the GL
  • Allocations
  • Transition calculations
  • Sub-Group level cashflows (contract/coverage-level)
  • Bespoke Analysis of Change under GMM
  • Tailored Loss Component sequence
  • Variation to our standard cash flow types
  • Discounting
  • Multi-GAAP
  • Significant changes to the baseline Chart of Accounts
  • Solvency II
  • Simulation and Forecasting

High-level business benefits of Aptitude IFRS 17 Comply

Control
Highly flexible and configurable, giving finance full control
Strategic foresight
Harness data to drive actionable business insights
Smart compliance
Quickly comply with the IFRS 17 Standard
Operational intelligence
Gain operational and cost efficiencies and improved productivity
Business agility
Modern enterprise compliance solution that can embrace change

IFRS 17 Comply resources

Documents
Events
Podcasts

Documents

IFRS 17 Comply Solution Brochure
brochure icon Brochure

Events

Latest IFRS 17 Comply Drop In Demo Schedule
Link

Podcasts

IFRS 17 accounting challenges Ep.2 – Multi-GAAP reporting
podcast icon Podcast
IFRS 17 challenges Ep.1 – Intercompany reinsurance under IFRS 17
podcast icon Podcast

Ready to learn more about IFRS 17 Comply

If you would like to learn more about our IFRS 17 compliance software solution, then why not book a call with one of our experts or schedule a free demo?

Check out our events section where you can also register for one of our scheduled IFRS 17 Comply walkthrough demonstrations.

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