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Why CCH® Tagetik is one of a.s.r's core systems for Consolidation, Regulatory Reporting and more

Mar. 5 2021 by Nancy Di Cosola, Global Customer Marketing Manager - CCH Tagetik

Performance Management

a.s.r. Netherlands offers a broad range of insurance products and services to both consumers and commercial customers. a.s.r. Netherlands choose CCH Tagetik for:

  • CCH Tagetik Consolidation
  • CCH Tagetik Budgeting & Planning
  • CCH Tagetik IFRS 17
  • CCH Tagetik Solvency II 

To learn more about how CCH Tagetik has enabled a.s.r. Netherlands’ digital transformation, we spoke with Patrick KlijnsmitDirector of Finance, Risk & Performance Management, about the challenges faced before CCH Tagetik and the benefits gained using our comprehensive CPM solution. 

What was the context in which you implemented CCH Tagetik? 

We offer all types of insurance, including life insurance and pensions, but also P&C and accident and health. Both the regulatory and market environment are changing. In terms of regulatory for instance, we implemented Solvency II a couple of years ago and we are now in the process of implementing IFRS 17. 

The main thing expected from a financial Risk department is that we have efficient low-cost, highly compliant processes, and the license to operate for a financial institution depends on having good quality reporting tool for regulatory reports.  

We use CCH Tagetik for consolidation, regulatory reporting and Solvency II, tax and cost allocation: CCH Tagetik is one of our core systems. 

Why choose CCH Tagetik for IFRS 17? 

The confidence in CCH Tagetik was the main reason to choose it as an IFRS 17 solution. Another reason  was that the IFRS 17 solution in the CCH Tagetik environment is relatively simple and small, whereas other providers designed larger, full-scale solutions and in our current finance risk architecture, we believe that adding another heavy system would not be a smart thing to do. 

How was the implementation phase? 

In terms of the implementation phase, the benefit that we’ve seen in working together with CCH Tagetik is the fact that we were able to give our own input and work on a solution together, seeing our own ideas in the new system. In terms of implementation time, I think we will end up having worked on it for about a year and for an IFRS 17 solution that is quick. Based on our experience so far, we are very happy. 

Do you want to watch the full video interview? Click here.


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