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Evolve Now: Tokio Marine's experience


With CCH Tagetik's IFRS17 solution Tokio Marine can accelerate IFRS 17 expanding requirements allowing them to focus on their core business.

Transcript


Tokio Marine is the 8th largest general insurance company in Malaysia, underwriting about 200 million US dollars in property and casualty business every year.

We have 19 branches across the country, and employ about 800 staff.

We operate in a heavily regulated and partially de-tariffed environment, hence the main challenge for us has always been to innovate and, at the same time, try to keep up with the ever-changing needs of our stakeholders, such as regulators, customer and shareholders.

From an actuarial and finance perspective, this involves getting ready for an IFRS 17 implementation.

Why did we choose CCH Tagetik for IFRS 17? That’s a good question.

Here are some of the things that stood out for us.

Firstly, the organization’s strength and domain expertise.

We felt that a complex requirement — such as IFRS 17 — should be best implemented by vendors with deep accounting and actuarial knowledge.

Secondly, we liked the off-the-shelf IFRS 17 solution that’s flexible, powerful and agile.

The solution has pre-configured standard calculations, so that saved us a lot of time because we didn’t have to build everything up from scratch.

Finally, it’s an end-to-end solution from ETL to financial reporting and disclosure.

Specifically, we expanded the solution to produce out-of-the-box disclosures and customized accounting entries for different reporting requirements.

Last but not least, a strong audit trail.

This was particularly important to ensure a smooth audit process moving forward.

The standard is postponed but not cancelled.

Of course, we’re secretly happy that we have one more year to do this, but with such a complex standard, there’s almost always never enough time and we want to get things right at the get-go.

Internally, we are also hoping to maintain our momentum despite the extension.

Hence my advice for those who have yet to get started: you should get on it soon and quick, and start selecting an advisor.

For us, it was paramount, as we couldn’t have gotten where we are today without their advice and support.

Honestly, the entire process of training, studying, and preparing the position paper, and the ESMA standard selection took us almost two years.

We are still trying to finalize our position paper as we speak.

We then quickly have to move on to data preparation, systems implementation, testing, and so on and so forth.

So if you ask me, there really isn’t much time left, especially for those who have no intention of expanding their team or increasing their headcount.

In summary, it we believe that it takes 24-36 months at least for the entire journey, so having an additional year is a bonus but we should not take it for granted.

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