Aptitude IFRS17 Comply
Aptitude Software provides software solutions that enable finance professionals to run their global businesses, forecast decision outcomes, and comply with complex regulations. Combining deep finance expertise and IP rich technology, Aptitude provides finance leaders with a range of tools to transform their business.
Aptitude has served the office of finance for over 20 years, delivering financial control and insight to create a world of financial confidence for its global clients. Aptitude Software supports businesses with combined revenues approaching $1 trillion. Headquartered in London, Aptitude Software is an operating company of Aptitude Software Group plc.
In addition to its IFRS 17 Comply Solution, Aptitude Software provides a number of capabilities, including:
The Aptitude IFRS 17 Solution is enables multi-entity global insurers to meet the IFRS 17 requirements but can be further configured to incorporate multiple GAAPs, Solvency II and complex or bespoke configurations. Read more…
Using the Aptitude Accounting Hub (AAH), it can address LDTI compliance requirements and challenges including the additional detail required for disclosures and the need for controls and traceability.
Aptitude Lease Accounting Engine (ALAE) enables compliance with the leasing standards and covers the most complex lease accounting scenarios for both lessees and lessors.
A scalable, standalone, multi-purpose finance calculation tool and allocation engine to empower finance business users to perform complex and multi-dimensional calculations, conversions and allocations based on high volumes of transactional and operational data feeds from multiple source systems.
Aptitude Accounting Hub is a finance management solution based around a powerful sub-ledger to enable compliance, finance control, business agility, operational efficiency and strategic foresight for complex and data voluminous processes.
Aptitude IFRS17 Comply
by Aptitude Software
The Aptitude IFRS17 Comply Solution is purpose built to enable insurers to comply quickly and efficiently with the IFRS17 requirements in a pre-packaged solution. It leverages proven, insurance-specific operational finance software which is already used in many insurers.
Comply includes a number of project accelerators including a standard IFRS chart of accounts, pre-configured accounting templates and disclosures, and 180 business events. These business events generate the accounting transactions automatically based on the business transactions in the underlying policies and actuarial models – e.g., a premium, claim or assumption change in an actuarial model.
Comply is under-pinned by the same high performance, scalable data storage model and highly extensible subledger that is provided with their full IFRS17 solution. This provides the structure and flexibility to solve many of the complex requirements of IFRS17, including how to carry out multiple, parallel calculation, modelling and reporting activities at the same time. It provides the performance and capability to run calculations and then store and report data. It produces finance accurate data at a consolidated level and utilises an automated general ledger interface to make posting back to the general ledger efficient and robust.
Management, financial and analytic reporting can be obtained through its in-built visualisation tools, custom report builder and integrated analytics reporting. Meanwhile, there is a full line of sight to drill back to granular source data and provide visibility of assumptions, calculations, adjustments, rules, and transformation points within the data flows.
Aptitude integrates with existing actuarial and financial reporting environments using ODBC or RESTful and incorporates ETL functionality for data loads supplemented by Excel, CSV and a data entry interface if required.
The solution has support for all the prescribed measurement approaches including General Measurement Model (GMM) Premium Allocation Approach (PAA) and the Variable Fee Approach (VFA) and includes a configurable pre-built IFRS17 chart of accounts with illustrative examples.
Aptitude’s IFRS17 Solution can be deployed on-premise or cloud and can even be provided as a fully managed service.
Importantly, Comply uses the same subledger and calculation engine used in Aptitude’s full IFRS17 solution. As such, Comply can be used to quickly meet the IFRS17 compliance requirements but can be extended at a later date to provide the most bespoke or complex configurations including multiple GAAPs for large groups.
Comply acts as an ideal solution for those insurers that are planning a finance transformation or global roll out but need to meet their pure compliance needs first.
Don’t forget to read our IFRS17 Buyer’s Guide.
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Download our product factsheet and detailed product specification.