Make your finance IT fit for the future now
For the first time, the international financial reporting standard IFRS 17 will internationally regulate the recognition, measurement and accounting of insurance contracts. IFRS 17 thus enables insurers to be compared worldwide.
Capital market-oriented insurers must implement the new standard for their consolidated financial statements by 2023 at the latest. This is why now is the right time to set up your IT landscape for the new reporting, data storage and processing requirements.
At the same time, you are investing in the future viability of your financial operations. Take the opportunity to rethink your entire financial area, successfully manage your financial transformation and sustainably increase your business results.
We support you along the way with competent consulting and comprehensive services around the SAP solution portfolio for Finance & Risk.
Capital market-oriented insurers must implement the new standard for their consolidated financial statements by 2023 at the latest. This is why now is the right time to set up your IT landscape for the new reporting, data storage and processing requirements.
At the same time, you are investing in the future viability of your financial operations. Take the opportunity to rethink your entire financial area, successfully manage your financial transformation and sustainably increase your business results.
We support you along the way with competent consulting and comprehensive services around the SAP solution portfolio for Finance & Risk.
Do you have any questions?
Your added value – achieve your most important goals with us
- Ensure your compliance and fulfillment of all requirements according to IFRS 9 as well as IFRS 17 and Solvency-II
- Uniform, harmonized data basis as a prerequisite for efficient accounting and reporting as well as a central, uniform financial system
- Reliable accounting process
- Harmonization and acceleration of actuarial processes
- High potential for cost benefits
- Maximum efficiency and flexibility
- Basis for a future-proof redesign of your financial area
- Investment security thanks to continuous further development of the solutions
- Synergies in the non-life and life insurance sector
- Continuous Close
The solution: SAP Finance & Risk Portfolio
With SAP Financial Risk and Data Platform and the component SAP Insurance Analyzer and/or SAP Financial Products Subledger we provide you with fully functional, mature solutions that enable you to optimally implement regulatory requirements and equip your financial and risk management for the future. At the core of the solution is a uniform, central data basis for integrated processes between actuarial and accounting.
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SAP Finance & Risk Data Platform (SAP FRDP)
- Comprehensive standard solution: Scalable integrated finance and risk architecture with a unified data model as the basis for business applications as well as for your custom applications
- Consolidation and harmonization of data from heterogeneous sources
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Strategic solution with the components:
SAP Insurance Analyzer (SAP IA)
- Accounting for Insurance Contracts (IFRS 9 and IFRS 17): Functionality for a technical sub-ledger that can be used to map all accounting-specific IFRS requirements (recognition, accrual & valuation, classification)
- ZCentral data storage (source and result data) in a uniform data model
- Mapping of accompanying accounting and infrastructure processes, in particular with the new Estimated Cash Flow Preparation (ECP) component, in order to calibrate and prepare the data from the actuarial services in the sense of a continuous financial statement
- Flexibility with regard to actuarial and accounting processes, organizational structure and the IT landscape
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SAP Financial Products Sub-Ledger(SAP FPSL)
- Strategic solution with integrated accounting for insurance contracts and financial instruments with consideration of other GAAPs such as US GAAP, Solvency
- Optional use of a base-line/delta approach, simplifying the reconciliation between different accounting standards
- Central data storage (source and result data) in a uniform data model
- Mapping of accompanying accounting and infrastructure processes, in particular with the new Estimated Cash Flow Preparation (ECP) component, in order to calibrate and prepare the data from the actuarial data in the sense of a continuous financial statement
- Flexibility with regard to actuarial and accounting processes, organizational structure and the IT landscape
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Our services
We support you in the implementation of IFRS 17 requirements and SAP Finance & Risk solutions with comprehensive consulting, analyses and concepts. For the integration of the solution into your IT landscape as well as the connection to portfolio management, claims/benefits, general ledger, reporting, etc., we have developed a process model that covers all steps from conception, prototyping and testing to go live.
As a long-standing consulting and development partner of SAP, we are very familiar with the functionalities of the Finance & Risk solutions – not only because our subsidiary nexontis is significantly involved in the (further) development of SAP IA.
Benefit from our expertise.
As a long-standing consulting and development partner of SAP, we are very familiar with the functionalities of the Finance & Risk solutions – not only because our subsidiary nexontis is significantly involved in the (further) development of SAP IA.
Benefit from our expertise.
