FWD Group is one of the world’s first insurance companies to begin implementing a solution to address IFRS 17 & IFRS 9. They have selected Aptitude Software’s Accounting Hub & Insurance Calculation Engine to manage what is widely recognized as the most significant change to insurance accounting requirements in decades.
Richard Poon, FWD Group Finance Director stated, “we believe our chosen approach … will reinforce our position as a leading pan-Asian insurer.” Pointing to the rigorous approach they took to finding a solution, Poon commented, “Aptitude Software’s commitment to the Hong Kong and wider Asian market was highly valued and we were impressed by the amount of out-of-the-box IFRS 17 specific intellectual properties (offered).”
Despite a compliance deadline of 2021, 2018 is expected to be the year in which the majority of insurers kick off IFRS 17 change projects. Large companies have a challenge ahead of them due to the massive data, technology and skills requirements necessary to complete projects. The earlier they prepare the better the outcome and the decision by FWD group is a signal that the insurance market is ready to get started. Learn more about Aptitude Software’s commitment to the Insurance sector and the APAC region at firstname.lastname@example.org.
IFRS 17 Survey results:
According to a recent survey of 240 insurers, 92% have yet to put their IFRS 17 solutions in place despite the fact that 88% recognize they need to invest in new processes to support disclosure requirements. Want to hear more from the market on IFRS 17 activities?