Aptitude Software - Aptitude IFRS 17 Solution
Type of System
- Data management
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Multi-GAAP Reporting
Type of platform
How long does your software take to implement on site?
Typically, a full implementation of the Aptitude IFRS 17 Solution would take between 6 to 12 months depending on complexity, scope, and internal resource availability.
Factors that may impact implementation time include:
- Number of different insurance product types
- Number of legal entities & countries
- Centralized or decentralized 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 was the first to bring a comprehensive IFRS 17 solution to market and is now the most mature solution available. It is offered via multiple deployment methods, including SaaS.
Aptitude Software is now implementing its IFRS 17 Solution across 46 countries. Clients include FWD Group, Pan-American Life Insurance Group, Aviva, CAA Club Group, Transamerica, Convex (a Lloyd’s of London Insurer) and many more.
Recent work with one client has resulted in a number of new accelerators which will be specifically useful for the international specialty insurer and reinsurer market.
In 2020, Aptitude Software was recognized by Chartis Research as a Category Leader in the Insurance Risk Systems for IFRS 17 and LDTI Compliance, 2020: Market Update and Vendor Landscape.
Most recent significant update:
IFRS 17 Comply is a simplified, pre-configured version of the Aptitude IFRS 17 Solution. It is designed for insurers that are looking for a faster, more standardized path to compliance, while laying the foundation for future transformation projects. It delivers rapid (typically 6 months), cost effective, efficient compliance with flexible deployment options including SaaS, private cloud, and on-premise.
Aptitude Calculate is an optional module which provides insurers a user-oriented calculation and rules engine that fully supports automated allocations, calculations, and conversions by entity, LOB, portfolio/cohort, contract or any other dimension. The use cases are many and can include anything that requires a cost, expense, investment allocation or any supplementary calculation needed to support the finance team’s functional and compliance data preparation and reporting. Aptitude Calculate is used by many of Aptitude’s insurance clients, particularly in the P&C sector, where much of the data is held is held at a highly aggregated level.
Aptitude Simulation & Forecasting (ASF) provides a framework to allow multiple versions of IFRS 17 inputs to be processed and compared to each other and to operational results baselines. Such inputs include reference data like portfolios, entities, currencies, and rates. ASF supports Group, entity, cohort and contract level perspectives. Simulated disclosures and reports can also be generated for analytical purposes.
Planned future enhancements:
Embedded Reporting: The solution will incorporate an embedded reporting engine to automatically generate disclosures, management information (MI) reports and dashboards. It comes with a complete set of IFRS 17 disclosures, specimen MI reports and dashboards. Users can adapt the pre-packaged reports and disclosures or develop their own reports utilising the GUI. Reports can be scheduled to run on a regular or an ad-hoc basis.
Composable Architecture: The Insurance industry is moving to composable architectures, enabled by agnostic inbound and outbound integration to plug and play vendors that avoid long-term lock-ins and single vendor dependencies. The best of breed approach employed by Aptitude Software, avoids these dependencies on single vendor that make solutions expensive to run and difficult to customize to be fit for purpose. Aptitude is vested in scalable, modular components which are easy to integrate, but retain the specialist focus required to support the unique finance requirements of the insurance industry.
How does your solution integrate with third-party systems or in-house systems?
The IFRS 17 regulation requires a significant number of interactions with existing systems including actuarial, administration, claims, and investment.
The Aptitude IFRS 17 Solution integrates easily with 3rd party solutions including PAS, risk, and actuarial systems with minimum disruption to accounting, actuarial and IT teams. OOB integration with the GL is included in the baseline configuration.
The solution has a series of data hoppers (based on an underlying insurance, actuarial and finance data model) which specifies 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, dedicated APIs, or by using the Aptitude Platform, an optional ETL tool. Clients can also use their own ETL tools including Informatica, IBM DataStage, Oracle Integrator etc.
What trends are you seeing in terms of customer demand?
We are seeing IFRS 17 compliance as a massive driver for finance transformation. Insurers continue to favor a more strategic approach to solving for compliance rather than using a point solution.
We are also seeing an increase in Tier 2 insurers entering the market. This is why we designed IFRS 17 Comply – a flexible solution that offers all the required capabilities for compliance with a road map for strategic finance transformation, right-sized for a smaller insurer.