BE READY FOR IFRS 17 COMPLIANCE WITH IFB’S PACKAGED SOLUTION

Efficient, reliable, accelerated

IFRS 17 is introducing a new school of thought in accounting for insurance products. This amounts to an unprecedented shift in process, functionality and data. This challenge proves especially hard for small and medium sized insurance companies, which often cannot afford to leverage such an opportunity into a finance transformation initiative without undue constraints on their resources. Consequently, tactical silo approaches are often chosen and hastily implemented, encumbering maintenance and slowing the closing process further by adding yet another solution to an ever-growing system landscape. It is time to get IFRS 17 done reliably and efficiently while safeguarding the option to leverage your implementation to a strategic solution later on.

Dual Leadership: Leading solution FPSL best implemented by ifb group

To date 40+ insurance companies have chosen SAP S/4HANA for financial products subledger (SAP FPSL) as their solution to address the challenges of IFRS 17. The solution is not only able to cover IFRS17, but can be extended to simplify the closing process, allow for multi-GAAP accounting and planning and simulation.

As a supporter of the co-innovation that brought forward FPSL, ifb was the first company to implement FPSL for both IFRS 17 and IFRS 9 at primary insurers and reinsurers. Combining our knowledge and experiences from running the majority of advanced IFRS 17 FPSL projects worldwide we created the “ifb IFRS 17 Packaged Solution.” It compiles a comprehensive offering unifying best practices into one reliable, efficient implementation project - optionally for a fixed price. 
In this offering we implement the basis scenario focused on IFRS 17 compliance first. This delivers a subledger as basis for compliance for your insurance and reinsurance contracts – ready to be tested. Thanks to its modular structure the offering then can be enhanced during or after the project with additional – and optional – services and solutions such as:

  • Multi GAAP Accounting using Baseline Delta Approach
  • Planning & Simulation
  • IFRS 17 Reporting Hub using SAP Analytics Cloud
  • Application Management Support during and after the project

How ifb’s Packaged Solution works

ifb Packaged Solution has a straightforward approach: It consists of a core offering and optional extensions.
Within the scope of the core offering we provide our clients with an IFRS 17 subledger based on SAP FPSL, including customer specific enhancements, documentation, test cases and test data in order to use it. The core offering includes setup, configuration, test support, go-live and one month of hypercare through our experienced experts - optionally for a fixed price.

Acceleration and reduced constraints by best practices

On a regular project the solution is tailored towards the client. This creates a dependency on detailed, client-specific requirements which need to be assessed. In comparison, projects using the ifb Packaged Solution are working with client-agnostic requirements and solutions gathered from the experience of advanced implementation projects which act as best practices. Those best practices are rolled out as business documents, test cases and data as well as configuration. They act as a basis for further discussion with the client. This both accelerates the projects and reduces the resource constraints on the client side as it allows quickly finalize business requirements based on the common requirements among advanced projects.

Fast and reliable results on a structured schedule

Using a best practice standard approach substantially cuts down on both time and effort: The FPSL system including best practices is ready to be tested approx. 6 weeks after the start of a project. A guided workshop series ensures that deviation from best practices and client specific enhancement are captured and reliably built. Supporting integration testing and go-live the system is ready in approximately 6 months.

Accelerated approach and seamless deployment of SAP FPSL for IFRS 17

» click to enlarge

Optional extensions: An IFRS 17 core can be modularly expanded 

ifb Packaged Solution is set up to offer optional, modular extensions to add value to our clients beyond mere compliance and make the most of their FPSL solution.

» Optional Service Offerings

» Flyer: ifb Packaged Solution IFRS 17​​​​​​​

Take the first step to efficient and reliable IFRS 17 compliance

Our experience in IFRS 17 FPSL implementation and track record in finance implementation has allowed us to create a simplified, yet powerful approach which allows for clients to efficiently and reliably comply with IFRS 17.

We are confident that our ifb IFRS 17 Packaged Solution offers a significant advantage to our clients and we are eager to discuss this with you.

 

Excited about the offering?
Our experts are eager to discuss how our offering will best fit your requirements.

Please contact us!
We are here for you:


» DR. DANIEL RUSCHMEIER
Partner
Head Consulting Europe
Insurance & Cross Industries
E-Mail

» JULIAN SCHWEIZER
Managing Director
Head Insurance Finance Europe
E-Mail

We look forward to your feedback, ideas and requests.

HOW TO MASTER IFRS 17:

meet Project challenges with best practices and innovative solutions!

» Find out more: IFRS 17 Series: Project Challenges

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