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.