Type of Platform
Most recent significant updates:
Legerity helps firms meet IFRS 17 Accounting Change.
Whereas in the past accounting could be managed using aggregated data the new IFRS 17 standard demands calculations and posting at the contract level. Legerity enables data to be processed at the most detailed level giving accurate results, comprehensive audit trails and the possibility to derive insightful information about the business.
In addition to our best practice FastTrack IFRS 17 accounting templates we have added further calculation capability around Contractual Service Margin, Cash Flows and Risk Adjustment.
Planned future enhancements:
Additional IFRS 17 calculations will be added and our library of FastTrack IFRS 17 Accounting Templates will be expanded.
Legerity also offers a powerful and granular Technical Ledger providing a "one version of the truth" repository of validated IFRS 17 compliant, financial information across all contracts and business lines at balance and summary balance level.
Technically Legerity is already a modern, state of the art solution combining cutting edge data and application architectures. Further support for OpenSource technology and advanced Cloud deployment are focus areas in addition to our continuing support for digital currencies, smart contracts and blockchain technologies.
Integration with third-party or in-house systems?
Legerity FastPost provides support for rapid integration through a published Open API and Web Services interface.
The system supports multiple integration methods from real time message based to traditional batch. All common data formats are supported.
Support is provided for common ETL technologies including Informatica.
Adaptors are also provided for industry standard GLs including Oracle and SAP.
Data can be exported on demand to BI tools and spreadsheets for individual reporting.
FastPost is highly secure and is designed for seamless operation with existing enterprise IT system controls.
Implementation and Costs
Typical implementation costs:
Implementation costs include software subscription, training and implementation support. Costs are dependent upon each individual client's situation.
How long does your software take to implement on site?
Legerity FastPost is a cloud based accounting rules solution with the software being available on demand. Configuration, set up and integration will be dependent upon individual client's requirements.
Key attributes of product:
Legerity FastPost is a 3rd generation Accounting Rules platform that delivers IFRS 17 accounting standards in a fast and non-disruptive manner.
Based on cutting edge application and data design, FastPost provides best in class accounting rules functionality for the most complex of insurance contracts.
Accounting rules are defined and modified in an easy to use spreadsheet based GUI. A library of FastTrack IFRS 17 accounting templates are included.
The system handles advanced IFRS 17 calculations - Contractual Service Margin, Cash Flows and Risk Adjustments.
Ultra high performance allows millions of complex IFRS 17 rules to be processed in minutes freeing up valuable time in the end to end processing window.
Open APIs provide for fast and seamless integration and use of standard technologies allows support via industry available skillsets.
Accessed via a Cloud subscription or on premise delivering the lowest TCO.
Please name companies that use the system/solution:
Please see www.legerityfinancials.com for further details