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- DIGITAL TRANSFORMATION
Finance and Risk
Finance in the insurance industry is experiencing the biggest revolution in the last 20 years. With the introduction of IFRS9, IFRS17, and LDTI, companies started to rebuild their entire accounting and reporting platforms.
To succeed, you have to be ready to tackle those challenges and you need a partner on that road. Someone with diverse experience from large transformation projects in different markets.
That’s where we step in.
HOW WE CAN HELP YOU
Subledger Transformation
Seamlessly From A to Z
By using knowledge in SAP Financial Products Subledger, SAP Business Warehouse, SAP HANA, SAP Analytics Cloud, and SAP PaPM, we design, build and deploy a full subledger solution adapted to almost any of your needs.
Both technical and functional knowledge, as well as insights from rich experience, allow us to seamlessly translate regulations to business requirements. We have worked on each step of the subledger rollout, from the collection of ETL data to posting end results to General Ledger and producing financial statements. Our experts can steer:
- your data model,
- accounting and posting logic,
- end-to-end data flows,
- validation and corrections,
as well as other complex requirements that subledger transformation projects entail.
Meet complex business requirements and complete your financial transformation in time, within the budget.
PORTFOLIO
Product Suite
Powered by SAP S/4HANA, we help you create a centralized data hub to manage transactions between operational, actuarial, and finance systems.
- Financial Products Subledger (FPSL)
- Profitability and Performance Management (PaPM)
- Insurance Analyzer (IA)
- Analytics & Reporting (HANA, BW, Power BI, SAP Analytics Cloud)
- Financial Services Data Platform (FSDP)
- Data Loading Layer (DLL)
Featured Services
With no impact on performance.
Our team is experienced in the latest available tools such as SAP ADP, Data Services, and LSMW. By following our 3-step process, you’ll achieve tangible business results in time and on budget.
- We start by analyzing costs, benefits, and potential risks associated with Data Migration to create a Fit to Purpose and Budget Data Migration Strategy.
- We advise on the approach and the timing of migrating Master data and Transactional data.
- From extracting, through transforming and loading, to the final reconciliation, legacy data is finally moved smoothly into the new solution without interrupting your business processes.
A combination of best practices and experience.
Handling an SAP implementation project and ensuring seamless integration into everyday processes is a huge task that only a well-trained team can execute.
Talk to our certified project managers who are equipped with:
- High degree of domain knowledge,
- Expertise in latest project management methodologies
- Experience with multiple system integrators, in all lines of business, in multiple countries worldwide,
and achieve carefully planned transformations adapted to the existing project variables.
To find out more about how our PMs can help you, click here
Honed in an international environment.
Together, we discover and design Business Solutions that enhance your SAP product suite implementation.
See your most bodacious ideas turn into viable technical components with help of our wide development skillset, knowledge of enhancement frameworks, and expertise in development guidelines.
Our current practice includes:
- ABAP (Procedural, OO, CDS views),
- OData services,
- Fiori and UI5, BO, BAPIs,
- and database modeling and development.
Regulatory Changes - what do they bring and how to comply?
Our team follows a templated approach with pre-made use cases. This allows us to quickly integrate changes into the customer landscape. We focus on getting the right data from your operational and actuarial system, with significantly less time spent on the baseline configuration.
IFRS17
The IASB published an IFRS 17 standard named ‘Insurance Contracts’ in May 2017. The effective date has been postponed and adjusted to accommodate the amendments to the standard and the challenges insurance companies faced during the implementation.
As we approach the new effective date of January 2023, insurers are under pressure to conform to the new, principle-based accounting and reporting model. The standard requires insurance liabilities to be measured under the current, updated assumptions and proposes a standardized representation of finance results.
LDTI
Back in 2014, the FASB decided to not proceed with IFRS17 but rather define a separate standard as an improvement to the existing US-GAAP. This improvement was named LDTI – Targeted Improvements to the Accounting for Long-Duration Contracts.
It is considered to be one of the biggest changes in the US accounting world in the past couple of decades. The most important impact is the deferral of acquisition costs, current measurements of liabilities, and the number of disclosures a company will need to provide.
The effective date for SEC filers, excluding smaller reporting companies, is set to 2023, while other entities have two additional years.
Start with confidence.
In such a challenging industry, no one should go through transformation alone.