Reduce risk and empower future growth with the Aptitude IFRS 17 Solution

Why use the Aptitude IFRS 17 Solution

The Aptitude IFRS 17 Solution was designed by our specialist Finance Advisory team so that you can:

• Comply with the IFRS 17 insurance standard accurately & efficiently
• 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
• “Out-of-the-box” IFRS 17 project accelerators including:
  • IFRS 17 accounting templates
  • Insurance finance data model
  • Insurance accounting sub-ledger
  • Integration with existing finance systems
  • Deployment across your chosen technology stack

“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

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Visit our IFRS 17 Resources page for news, assets, poll questions and market perspectives.