Reduce cost and risk by leveraging proven accounting software and market best practices
Exploit all IFRS 17 approaches including the Building Block Approach (BBA), Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA)
Address parallel financial reporting requirements e.g. Solvency II, HEB, LDTI etc.
What it is:
The Aptitude IFRS 17 Solution is an operational accounting platform used to orchestrate end-to-end IFRS 17 reporting process, generating books and records-quality accounting outputs to General Ledgers and reporting platforms. The solution addresses IFRS 17’s accounting requirements, connecting actuarial systems to core financial reporting systems – removing the need for wholescale changes to existing systems environments.
The product enables insurers to apply any of the IFRS 17 measurement models, providing consistency of application even in disparate systems architectures. An IFRS 17 implementation with Aptitude includes two major components:
1. An Insurance Calculation Engine to manage groupings, cohorts and risk-portfolios and supplement calculations (discounting, CSM, etc) not performed in actuarial environments and
2. An Accounting Hub which manages the application of accounting policy and maintains accounting balances over time
It contains:
Multi-GAAP, multi-entity, multi-currency insurance accounting subledger to support a wide range of parallel internal and external reporting requirements
“Ledger-certified” operational accounting platform delivering books and records-quality data for IFRS 17 reporting and disclosures
Central data repository to unify finance and actuarial data
Integration with actuarial, policy and finance systems (i.e. Workday, SAP and Oracle G/L)
Insurance calculation engine to manage IFRS 17 groupings and model treatments
The Difference:
The Aptitude IFRS 17 Solution is the only product that offers:
Proven ability to deliver large-scale, high-volume, multi-GAAP accounting – serving other major IFRS X change programs
Operational accounting credentials: used by leading global insurance companies
“We are an international Life, Non-life and Reinsurance group with many different reporting bases. We started the IFRS 17 program in 2016 and quickly became aware of its complexities and far-reaching implications. We designed an approach which aimed to use the significant investments required for IFRS 17 as the base to further upgrade our market value reporting environment. This should support us in delivering better and faster information at significantly lower cost levels. The Aptitude Software IFRS 17 solution and partnership is one of the core elements to enable us in this endeavor.”
– Group Finance Director, International Insurance Group
Visit our IFRS 17 Resources page for news, assets, poll questions and market perspectives.
At a glance
Operational accounting platform delivering ledger-certified data
Integration with actuarial, policy and finance systems i.e Workday, SAP, Oracle G/L
Insurance calculation engine to manage IFRS 17 groupings and model treatments
Central data repository to unify finance and actuarial data
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.
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