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CCH Tagetik's Powerful IFRS17 Solution Starts ACR on Their Way to Compliance for Insurance Contract Accounting.

With CCH Tagetik's IFRS17 solution and the power of Analytic Information Hub, ACR automates compliance with the expanding requirements allowing them to focus on their core business.


I think it's not a secret that the reinsurance market is highly competitive, prices have been poor for a number of years and this is because of the large amount of capacity that is coming to the market, at least in part driven by large amount of alternative capital that has come in recent years.

On top of that reinsurance is a global industry so that means that even a relatively small company like ACR which is asian focus has to compete with the big boys like Munich Re and Swiss Re.

Therefore in order to compete we have to be more nimble, more responsive and quicker to market and to our clients.

I think finance has definitely got to move beyond just compliance and regulatory reporting.

I think it's the expectation that finance is able to provide on a timely basis information and critical analysis in order to support management decision-making at strategic as well as operational levels.

On top of that finance has to be an effective challenge to the business.

We chose CCH Tagetik for IFRS 17 for a couple of reasons: firstly, as everyone knows, the standard is still evolving so we wanted a solution that was configurable, relatively easy to use and flexible, which is something that CCH Tagetik is, also we wanted a product-focused company, with knowledge of the insurance industry, which CCH Tagetik has because of the experience with solvency II, and finally we were also impressed by the level of commitment demonstrated by the team during both marketing as well as the proof-of-concept stages.

An additive advantage also came with B&P as well as the Analytic Workspace which we are using to generate a set of inputs into the IFRS 17 engine.

IFRS 17 options even during the POC stage I think it was clear that, especially compared to some of the larger calculation engines of the more complex ones, the results were lot easier to assess and analyze.

Fortunately the actual implementation date of the standard is still a number of years off but we do expect that it will have a significant impact on the business, because it would change the way the business understands itself and assesses itself.

I think for companies of a similar size to ACR I would definitely recommend CCH Tagetik.

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