Aptitude IFRS 17 Solution

Achieve IFRS 17 compliance and empower your insurance business

The Aptitude IFRS 17 Solution enables leading insurance teams to achieve compliance efficiently, attain market best practices, reduce project costs and risks and plug holes in finance IT architectures.

What is the Aptitude IFRS 17 Solution?

The Aptitude IFRS 17 Solution enables insurance CFOs to comply with IFRS 17 requirements efficiently. Our specialist product approach results in less cost and risk, enables customers to leverage accounting best practices and provides agility to address other financial reporting requirements.

The solution embeds IFRS 17 processes such as insurance contract portfolio management and P&L attribution; incorporates ‘out-of-the-box’ insurance data models and accounting templates and leverages Aptitude Software’s proven, packaged operational accounting components.

The Aptitude solution is designed to enable insurers to exploit all IFRS 17 approaches including the Building Block Approach (BBA), Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA), in line with what has been documented by regulators and in support of the requirements of leading international insurance companies.

IFRS 17 challenges

IFRS 17 has been decades in the making, and is challenging insurers along many dimensions – from how to manage data across the insurance systems landscape, perform new calculations, apply new accounting and deliver new reporting outputs – all with the financial rigor and control expected of a highly regulated industry. Challenges include:

  • Sourcing and capturing detailed data
  • Managing insurance contract portfolios
  • Performing complex calculations
  • Applying new IFRS 17 accounting
  • Achieving financial control

Read more about how Aptitude Software addresses each of these challenges.


The ideal partner for IFRS 17 = IFRS change experts + specialist accounting products + insurance focus

The IFRS Change Experts

Over the last several years, accounting change has been a consistent driver across multiple industries.  At their core, these standard changes introduce the need for contract, transaction and/or asset level detail as well as finance ownership and control.

Our software solutions including the Aptitude IFRS 17 Solution provide these core capabilities as packaged solutions that enable finance to understand, control and automate high volume, complex accounting processes.

We are currently helping clients address multiple standards including:

Aptitude Software has a specialist Finance Advisory team that works with regulators and with 3rd parties such as Deloitte, KPMG, PWC and EY to understand new standards and regulatory pronouncements and establish associated best practice in interpretation and implementation over time.

This accounting and regulatory knowledge is built into our products from the outset and results in solutions and scenarios that are incorporated into our products to ensure customers can achieve market best practices, reduce risk and speed implementations.

 

ShareTweet about this on TwitterShare on LinkedInShare on Google+Share on FacebookEmail this to someone

Discuss your IFRS 17 project with our team.

Learn more about our IFRS 17 event

At a glance

  • Achieve compliance: enables insurers to exploit all IFRS 17 approaches including the Building Block Approach (BBA), Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA.)
  • Deliver projects with confidence: a proven, cohesive set of components to deliver IFRS 17 compliance and full financial control and integration across the insurance landscape.
  • Gain control: link disparate data across your finance information architecture; address needs across financial and actuarial management, control, regulation, disclosure and audit.
  • Integrate fluidly with existing systems architecture: out-of-the-box integration adapters for SAP General Ledgers and Warehouses ensure alignment with existing finance architectures and support drilldown & auditability.
  • Accelerate projects: IFRS accounting templates covering insurance and financial services products speed up project implementations and ensures compliance with current and future accounting requirements.

Other solutions

  • Aptitude Lease Accounting Engine

    Aptitude Lease Accounting Engine

    Efficiently address the new leasing standard (IFRS 16/ASC 842)

  • Aptitude Revenue Recognition Engine

    Aptitude Revenue Recognition Engine

    Efficiently address new IASB and FASB revenue recognition requirements (IFRS 15 / ASC 606). Gives large enterprises access to the detailed contract-level processing and a system for applying your accounting policy to billing data by allocating revenue (and costs) over time with least system disruption and change.