As insurers prepare for the 2021 deadline to implement IFRS 17 Insurance Contracts, KPMG has partnered with Aptitude Software in order to provide digital solutions to help speed up the process.
Aptitude Software offers pre-configured solutions for IFRS compliance rather than insurers being under pressure to design new systems. The software integrates existing actuarial and finance systems of the insurers, implements posting rules and manages data required for disclosures.
KPMG International global insurance change leader Mary Trussell said that the software can help reduce the time and complexity of complying: “Time is incredibly short to prepare for IFRS 17. For organizations that need one to two years for a dry run for their IFRS 17 infrastructure, they now have as little as one year to design, build and test their new systems.”