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2019-_icon-IFRS17

IFRS 17 Comply

Rapid implementation with our pre-configured, yet flexible out of the box IFRS 17 compliance software solution
Icon-Comply-Fast
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 and can be extended to address evolving business needs
Icon-Comply-efficient
Cost Effective and Efficient
Achieve compliance in the most efficient way whilst retaining the option to tailor the functionality
Icon-Comply-proven
Globally Proven Leading Brand
Aptitude Software has a proven track record in delivering leading regulatory software for the CFO

What is Aptitude IFRS 17 Comply?

Aptitude IFRS 17 Comply is an IFRS 17 compliance software solution that delivers rapid, cost effective, efficient compliance with flexible deployment options including SaaS, private cloud, and on-premise deployment models.

A simplified, pre-configured version of the existing Aptitude IFRS 17 Solution, it is designed for insurers that are looking for a faster, more standardized path to IFRS 17 compliance, while laying the foundation for future transformation projects.

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IFRS 17 Comply Large light shadow

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.

See IFRS 17 Comply in action

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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 any delivery partner of choice to define the requirements configure and test the output and project manage the program. Implementation teams include individuals with experience implementing the selected solution.

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

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How Aptitude implements IFRS 17 compliance fast

Week 1: Validate

Objective

Baseline validation by Aptitude Software that standardized functionality meets client requirements.

Output

  • Yes/No Aptitude view on appropriateness
  • Identification of areas requiring deep-dive
  • High level pricing

Validate

Week 1-2: Analyze

Objective

Detailed workshops to validate requirements defining variations away from standard functionality. Performed for each of the actuarial and accounting requirements.

Output

  • Requirement summary
  • Detailed project plan & team structure
  • Project costing, split between standard functionality and bespoke requirements
  • Project delivery RACI between client, partner and Aptitude

Analyze

Week 3: Review

Objective

Provide understanding of the in-scope functionality, bespoke requirements and delivery responsibilities.

Output

  • Validate project scope
  • Delivery plan
  • Commercial offer
  • RACI – client, partner and Aptitude

Review

Week 4-6: Delivery Readiness

Objective

Demonstrate where the solution will fit into the overall landscape and create a view of the future state architecture.

Define the roles and responsibilities and view of actions to tale the project through each sprint of tasks

Output

  • Input data requirements and source system integrations
  • Downstream system requirements
  • Team responsibilities
  • Define immediate task owners
  • Discuss on-going governance

Delivery

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

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.