IFRS 17 solution of the year: Legerity
2020 was a challenging year for many businesses. But software provider Legerity says its service remained undisrupted despite having projects across the globe.
Part of that success was down to the vendor providing its solutions via the cloud. According to Jeremy Wood, chief executive of Legerity, 2020 "was really the year the cloud came of age".
The firm's collaboration with Aegon International is a prime example. The Dutch insurer's subsidiaries in Spain, Portugal, Hungary, Poland, Romania and Turkey were looking for common solution to implement IFRS 17.
The project required collaboration among 75 professionals across three areas of expertise: actuarial, accounting and IT. There was also the need to integrate IFRS 17 into the local and group reporting requirements. Legerity showed it was able to deliver complex, multi-region projects and meet the needs of a large insurer.
Many large insurers are well under way with their IFRS 17 projects, but Wood says demand continues to emerge from small and medium sized firms.
Whatever the sophistication of the user, Wood stresses the importance of finding a solution that delivers more than just IFRS 17 compliance.
"There are solutions built just for IFRS 17, but if you want IFRS 9, you need to buy another solution. Legerity's platform covers not just IFRS 17, but other accounting standards, and also gives clients finance transformation benefits."
He also attributes Legerity's success to its team that provides support and expertise to the industry. Over the last 12 months, the firm's IFRS 17 Explainer videos and online tutorials have had more than 20,000 viewings.
Wood is optimistic about the company after the IFRS 17 implementation deadline of January 2023 and will continue to focus on finance transformation.
"IFRS 17 is the first step towards really equipping them for the future, so we think there's a lot of work to be done as well."