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 IFRS17 Solution, Aptitude Software provides a number of capabilities, including:
A pre-configured, IFRS17 version of the software that contains standard calculations, accounting rules and disclosures. Comply is designed for insurers looking for a quicker route to compliance. 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.
by Aptitude Software
The Aptitude IFRS17 Solution is purpose built to enable global insurers to meet the IFRS17 requirements and can be further configured to incorporate multiple GAAPs and Solvency II if required. It leverages proven, insurance-specific operational finance software which is already used in many global insurers where consolidation and multi-entity processing is a must. It’s an ideal platform to base a full finance transformation programme upon or to meet bespoke and complex processes.
Aptitude’s IFRS17 Solution is under-pinned by a high performance, scalable data storage model and highly extensible subledger. This provides the structure and flexibility to solve many of the complex requirements of IFRS17 (and additional GAAPs as required), 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 cost allocations and then store and report data at any level including contract by contract. 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.
Upon transition from IFRS4, Aptitude can calculate the transition balances under the full retrospective, modified retrospective and fair value approaches. Differing scenarios can be modelled using the simulation and forecasting functionality.
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 of 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.
Don’t forget to read our IFRS17 Buyer’s Guide.
Want to get under the bonnet?
Download our product factsheet and detailed product specification.