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Posted by Sarah Werner

Aptitude named the category award winner for IFRS 17 - Accounting Systems

Aptitude Software has been named the category award winner for IFRS 17 – Accounting Systems in the latest Chartis 2022 RiskTech100® Report, which assesses leading vendors of risk technology solutions. This is the second year in a row Aptitude has been recognized by Chartis Research for the strength of its IFRS 17 Solution portfolio.

Sidhartha Dash, Research Director at Chartis remarks, “the maturity of Aptitude's accounting system offering, and its automation, processing, and reporting capabilities were the main factors contributing to this award win.”

As the 2023 standard deadline approaches, companies are working hard to complete software implementations and run parallel reporting ahead of the deadline. While some organizations, like FWD Insurance (FWD), moved early on IFRS 17 software implementations, many smaller Insurers are still evaluating solutions in the run-up to compliance.

Aptitude is currently implementing our IFRS 17 solutions in over 46 countries and helping our clients ensure efficient and effective compliance by the effective date of January 2023 while helping transform the office of the CFO to meet current and future business needs.

“Aptitude Software’s IFRS 17 Solution is a very comprehensive, accounting-led solution and in terms of the breadth of offering, it achieved one of the highest scores. Insurers looking to embark on a finance transformation project will benefit from the rich, highly granular data model that can be leveraged to deliver strategic value beyond compliance.”

-Sidhahrtha Dash, Research Director, Chartis Research

Aptitude’s IFRS 17 Solution is the most mature solution on the market and is the solution of choice for many insurers across the globe including Aviva, Great Eastern Life, RBC, Transamerica, and many others. Differentiators include over 20 years of built-in, insurance-specific IP – calculations, business events, processes, and templated disclosures – which accelerate and derisk the implementation process.

Aptitude IFRS 17 Comply is a simplified, pre-configured version of the Aptitude IFRS 17 Solution, designed for insurers that are looking for a faster, more standardized path to IFRS 17 compliance while laying the foundation for future transformation projects. Aptitude Clients include Hollard Insurance Company, wefox, and more.

This award is a testament to our Product & Innovation Centre Teams and the excellent project implementation work delivered by the members of the Aptitude Professional Services Team who are helping our clients achieve compliance with this complex standard.

In the 5-minute video below, Jay Wolstenholme, Research Director at Chartis, sits down with Jack Barlow, Global Product Owner, Insurance at Aptitude Software, and Christophe Kasolowsky, EVP Product Strategy and Innovation, Aptitude Software to discuss the award and the impending IFRS 17 deadline.

 

About Chartis Research:

Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance, and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

RiskTech100® is globally acknowledged as the most comprehensive independent study of the world’s major players in risk and compliance technology. Using a robust, repeatable methodology, it ranks the top 100 risk technology providers and identifies the top players in specific risk and compliance categories.

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