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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
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:
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.
Powered by SAP S/4HANA, we help you create a centralized data hub to manage transactions between operational, actuarial, and finance systems.
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.
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.
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.
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.