Aptitude Software - Aptitude IFRS 17 Solution
Type of System
- Data management
- Internal/external reporting
- IFRS 17, LDTI and multi-GAAP Reporting
Type of platform
Other features - the offering facilitates:
What are the typical implementation costs?
How long does your software take to implement on site?
Typically, a full implementation of our IFRS 17 Solution would take between 6 to 12 months depending on the complexity, scope and internal resources available. Factors to consider would include:
Number of different insurance product types
Number of legal entities and countries
Centralised or Decentralised deployment methodology
Modelling Approaches Required – GMM/VFA/PAA
Complexity of Reinsurance Requirements – e.g. inter-company reinsurance arrangements
Number of IFRS 17 Actuarial Models
Quality of Existing Data
Number of Data Sources
Please name companies that use the system/solution
Circa 13 insurers currently implementing the IFRS 17 solution.
Most recent significant update:
Recent enhancements relate to mutualisation and risk mitigation techniques for VFA modelling and ceded reinsurance functionality.
The Aptitude IFRS 17 solution is designed to meet the full spectra of calculation and reporting requirements of the standard and is continually updated as the standard evolves.
Planned future enhancements:
Future enhancements will relate to functionality for non-proportional RI treaties, elimination of inter-company reinsurance arrangements on consolidation and a simulation and forecasting capability.
We continue to add functionality as new aspects of IFRS 17 and client best practices emerge.
How does your solution integrate with third-party systems or in-house systems?
IFRS 17 requires a significant number of interactions with existing systems including actuarial, administration, claims and investment. The solution has a series of data hoppers (based on an underlying insurance, actuarial and finance data model) which specify the format and structure of the data required for IFRS 17. Data can be loaded into the solution via excel spreadsheets, csv files, flat files etc. or by dedicated APIs. The solution has its own optional ETL tool, the Aptitude Platform, or clients can utilise their existing ETL capability, for example, Informatica, IBM DataStage, or Oracle Integrator.
What is the key attribute of your product(s) that differentiates it from your competitors?
An “out of the box solution” for IFRS 17 calculation and reporting, which is configured (not customised) for client specific functionality.
Incorporates a fully functional, granular subledger with true multi-entity, multi-currency and multi-GAAP capabilities.
Aptitude Software’s IFRS 17 solution enables insurers to get maximum business value and ROI beyond compliance as the incorporated subledger, with its highly granular levels of data, enables a single view of finance and provides a launchpad for finance transformation – a strategic investment rather than a tactical fix.
Our solution is future ready to handle exponential growth in data – and process large volumes of data in performant schedules
Benefits from over 20 years of IP and market best practice functionality, as well as support for the Standard, derived from multiple real-life implementations.
Offers a quicker delivery process with a range of product and project accelerators which include an IFRS 17 Chart of Accounts, Business Events to translate actuarial and transactional data into accounting transactions, account mappings and postings and a comprehensive insurance, finance and accounting data model.
Aptitude’s #IFRS17 is ‘out of the box’ and configurable with a granular multi-entity, multi-currency, #subledger with multi-GAAP capabilities