Unlocking The Business Improvement Potential of
IFRS 17

IFRS 17 represents a significant change for many insurance companies, both in terms of financial results and finance operating models. Along with additional disclosures, this will have a major impact on the insurance industry and those evaluating its performance.
 
Watch how to make the most of IFRS17
Insurers need a solution that will enable the integration of finance, actuarial and risk within a common architecture.

SAP can support IFRS17 in the following ways:
 
  • Single platform that provides a one version of truth, ensuring compliance with IFRS17 and allowing for actuarial and finance collaboration

  • IFRS 17 Business content provided and kept up-to-date by SAP, including Building block approach, Premium allocation Approach,  Variable Fee Approach, Level of Aggregation and Support of Liability for Incurred claims

  • Contractual Service Margin engine included in the solution

  • Availability of pre-defined data models, interfaces, posting logic and other functionalities

  • Multi-entity, multi-country, multi-GAAP solution

  • Fully auditable solution with drill-down capabilities, lower audit and reconciliation effort; reliable and live reporting on granular data

 

 

Watch how SAP can help you with IFRS17
Why choose SAP?

SAP is the only software vendor able to offer a mature and market-ready solution to insurers to support IFRS 17 requirements
SAP Insurance Analyzer allows New York Life to support an enterprise-wide financial transformation…offer us agility and real-time insight, which allows us to adopt a ‘transformation mindset’ that helps us make strategic decisions.
 
Randy Gonzalez, Vice President and Head of Finance Transformation, New York Life.

 

19 of the top 20 insurance companies use SAP software globally:

Ten of the top 10 composite insurers

Nine of the top 10 life insurers

The top four reinsurers

5,000+ Insurance customers using our solutions

500+ Core insurance customers in all lines of business

1st Full Insurance end to end Cloud Solution

Business Impacts that SAP can Bring to You for IFRS 17

21% Lower compliance and risk management FTEs in organizations with full visibility into key risk indicators

19% Greater productivity in Organisations that establish standardised, transparent reporting.

 

25- 30% Reduction in IT run costs of accounting, reporting and insurance management (source: Accenture)

40-80% Efficiency savings
(source: SAP collaborative value assessment)

21% Better perceived risk mitigation for organisations where shared services support all possible business units and locations

15- 25% Lower audit costs in Organisations that streamline financial processes

Learn more about IFRS17
Interested in an IFRS Readiness Assessment?

An IFRS assessment will have one of our account executives discuss your system landscape, looking at all key systems, integrations, and data flows and identify the gaps in relation to IFRS.

 

Call us on AU 1800 287 727 / NZ 0800 300 727

or email us on info.australia@sap.com