The challenge of IFRS 17 has just become an opportunity... thanks to one award winning solution!

At first glance, it’s tempting to see IFRS 17 as yet another set of insurance industry regulation due to hit on January 2022. More red tape. More for you and your business to worry about.

 

Of course, we all know IFRS 17 will be hard work, extra restrictions and regulations to be taken on board, but it can also be a vehicle for positive change – an opportunity to improve your processes and data infrastructure at a time when 97% of the largest companies are looking to digitally transform their businesses.

 

But it’s not an advantage you’re going to enjoy if you’re looking at bare-minimum compliance and as EY put it, ‘minimal compliance does not equal minimal cost’.

 

So how can you make sure you seize the opportunities, rather than spend all your resources on the challenges? What’s needed is an agile solution that keeps the technical impacts of IFRS 17 to a minimum so you can focus on the opportunities.

 

After all, as KPMG noted…

‘The organisations that have got furthest with their projects are the ones feeling the time challenge the most – the more they do, the more they realise how complex the task is and how much work is involved.’ ‘In it to Win it’, KPMG, July 2018

At CCH Tagetik, you get just such a solution…

 

  • It’s scalable. Our IFRS 17 solution can talk to your legacy systems. Or why not use our CPM solution to set up a futureproof finance platform?
  • There’s no coding needed – so you don’t need to ask IT for every change.
  • Our free regulatory update service means you know your calculations are automatically up to date following any regulation updates.
  • It can calculate all three models out of the box – General Model ‘Building Block Approach’, Variable Fee Model Approach, Premium Allocation Approach.
  • There are pre-built ETLs for data transfer so it can fetch and push data without a separate tool
  • There’s easy disclosure through MS Office too, as well as giving you a simpler way to drill through the numbers.

 

So how have we created a solution that’s so finance friendly? Because we’re finance people ourselves, with over 30 years’ experience in the market – and we’re the very same team that built our Solvency II solution.

 

So, turn IFRS 17 from a problem into an opportunity. Visit us and see what CCH Tagetik can do for you.

 

Recently, Business Intelligence Group has given our IFRS 17 solution the 2018 Big Award for Business. And it’s also a 2018 SllA CODiE Winner for Best Financial Management Solution.

IFRS 17

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