ifb supports co-innovation project of Swiss Re and SAP to enhance SAP Smart AFI for IFRS 17 and beyond
Given its successful track record of SAP implementation projects and hands-on knowledge of finance transformation ifb was chosen by Swiss Re as one of three partners to support the co-innovation project between Swiss Re and SAP. The initiative driven by Swiss Re focuses on addressing the increasingly complex demands from regulators and other stakeholders on reporting and financial steering. The joint effort of all involved partners resulted in the new SAP Standard Solution “S/4HANA Financial Products Subledger” (FPSL) being available as of June 2018 for both insurance and banking companies.
The solution is based on the established SAP Smart Accounting for Financial Instruments (Smart AFI) and was enriched to integrate Insurance Contracts and Financial Instruments on one central platform powered by HANA in-Memory Technology for Data Storage, in-depth Analysis and Reporting. The solution puts an emphasis on analytical capabilities, allowing to fully understand all changes and their drivers not only for the current period (traditional accounting) but also for future periods (projection, planning and simulation).
The Subledger runs on a traditional approach, but also offers a revolutionary approach to Multi-GAAP accounting created by Swiss Re, the Baseline-Delta Approach (see below link).
Today, ifb already supports multiple insurance clients (primary and reinsurance) in Europe and North America to implement S/4HANA Financial Products Subledger for IFRS17 and IFRS9.