KPMG joins with Aptitude Software to help insurers prepare for the fast approaching IFRS 17 deadline.
With IFRS 17 scheduled to be implemented in 2021, insurers face increasing time pressure to design the new systems that will be needed for compliance. KPMG professionals are working together with insurers as they prepare for this deadline and now are joining with Aptitude Software to make the path easier and faster in many cases.
For a number of new processes that will be required for IFRS 17, Aptitude Software offers a pre-configured solution that means the insurer does not have to build a solution from scratch.
“Time is incredibly short to prepare for IFRS 17,” said Mary Trussell, Global Insurance Change Leader, KPMG International. “For organizations that need one to two years for a dry run for their IFRS 17 infrastructure, they now have as little as one year to design, build and test their new systems. With the added capabilities of Aptitude Software, KPMG professionals can help reduce the time and complexity of complying with the new standard's requirements.”
“IFRS 17 challenges insurance CFOs to produce entirely new financial reporting,” according to Tom Crawford, CEO, Aptitude Software. “ Aptitude Software enables insurers to model IFRS 17 results, implement posting rules, and manage data required for disclosures. Our solution integrates with insurers' existing actuarial and finance systems to reduce the cost and complexity of IFRS 17 change.”
The requirements of IFRS 17 are broad and can impact virtually all aspects of an insurer's business. Combined with the short time window for preparing, insurers can benefit from taking an approach that looks at the linkages and dependencies across the business.
“IFRS 17 is much more than just a technical accounting standard,” added Trussell. “KPMG professionals take a top-down approach that looks at the full impact on the insurer's business and legacy systems, bringing together data, systems and process know-how with actuarial and accounting expertise. Now, integrating Aptitude Software solutions can accelerate the design and implementation of critical systems.”
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KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
Aptitude Software is a leading financial software specialist. Aptitude Software's technology equips CFOs, of the world's largest organisations, with competitive advantages by streamlining and automating financial accounting processes and enabling faster actionable insights. This year Aptitude Software's proprietary software supports businesses with combined revenues approaching $1 trillion and over 500 million end customers. Headquartered in London, Aptitude Software is an operating company of Microgen plc. The Aptitude Software IFRS 17 Solution is built on Aptitude Software's proven specialist software IP, financial accounting expertise, and experience leading large-scale IFRS change programmes.