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:
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 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
- Multi-currency/GAAP Requirements
- 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
Aptitude Software has circa 13 insurers across the globe currently implementing its IFRS 17 solution.
Most recent significant update:
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 – we have recently made some PAA changes to align with the recent update to the standard. Other recent enhancements include a simulation and forecasting component and the ability to handle non-proportional RI.
Planned future enhancements:
We continue to add functionality as new aspects of the standard and client best practices emerge. The refinement of reinsurance is continuing to be enhanced in line with the evolving standard for example with a loss recovery component.
How does your solution integrate with third-party systems or in-house systems?
Clearly 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 e.g. Informatica, IBM DataStage, Oracle Integrator etc.
What is the key attribute of your product(s) that differentiates it from your competitors?
- “Out of the Box Solution” for IFRS 17 calculation and reporting which is configured (not customized) for client specific functionality – it is worth noting that we are able to offer a standardized configuration specifically for Tier 2 insurers with a compliance only requirement to reduce costs and to increase speed of delivery.
- Speed of implementation - 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.
- Incorporates a fully functional, granular subledger with true multi-entity, multi-currency and multi-GAAP capabilities.
- Aptitudes 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.
- Provides a disclosure, reporting and dashboard capability which can be configured to meet client needs.
- It is backed by a team of accounting, insurance and delivery experts who can provide support as individual clients require
- The first IFRS17 solution bought was from Aptitude Software