Advanced FPSL experience as a best practice approach
As a development partner in the co-innovation that brought forward SAP Financial Products Sub-Ledger (FPSL), ifb was the first company to implement FPSL for both IFRS 17 and IFRS 9 at primary insurers and reinsurers. Combining our experiences from running the majority of advanced IFRS 17 FPSL projects worldwide we created our ifb Packaged Solution for IFRS 17 Accounting. It compiles a comprehensive set of accelerators unifying best practices into one reliable, efficient implementation project at a fixed price.
IFRS 17 is introducing a new school of thought in accounting for insurance products - an unprecedented shift in process, accounting engine functionality and data requirements.
These challenges prove especially impactful for small and medium sized insurance companies. They are resource constrained and often cannot afford to leverage such an opportunity to execute a deep finance transformation initiative as their larger peers do.
We have experienced companies executing tactical silo approaches often hastily implemented, thus increasing maintenance and slowing the closing process further. Subledger solutions instead allow you to report using one data set and deliver multiple accounting standards reports.
By adding yet another integration solution, data proliferation is rife in an ever-growing system landscape. These are typically not scalable with growth in mind and often costly mistakes.
It is time to get the number of accounting steps reduced and to deliver practicable solutions for IFRS 17 compliant reporting. REFRAMETM allows to house use cases with associated global best practice, delivered in a reliable and consistent manner while safeguarding the option to leverage your implementation to extend your solution later on.
Flexible building block approach with preconfigured content
To date 50+ insurance companies have chosen SAP S/4HANA for Financial Products Subledger (FPSL) as their solution to address IFRS 17. Within the scope of our core offering we implement selected and preconfigured use cases of IFRS 17 on SAP FPSL focused on IFRS 17 compliance. These assets include customer specific enhancements for their accounting rules, documentation, test cases and test data accelerators. They also comprise of key SAP FPSL setup, configuration, test support, go-live and one month of hypercare through our experienced experts.
Yet, thanks to its modular structure our Packaged Solution for IFRS 17 Accounting can be extended to further simplify and enhance your accounting and closing process offering optional services and solutions such as:
- Multi GAAP Accounting using Baseline Delta Approach
- Planning & Simulation
- IFRS 17 Reporting using SAP Analytics Cloud
- Application Management Support during and after the project
In current projects the solutions are tailored towards the clients detailed and specific requirements which need to be assessed in an often lengthy and costly process. We use a best practice standard approach that substantially cuts down on both time and effort to deliver these requirements.
By delivering projects using ifb Packaged Solution for IFRS 17 Accounting, it contains the basis of our vast experiences in the form of industrialized methods. This allows us to accelerate your project by an estimated 30% and reduce resource constraints by quickly finalizing core use case requirements. The FPSL system is ready to be tested in approximately six weeks after the start of a project versus multiple months before you see any working models.
A guided workshop series captures deviations from best practices and client specific enhancements in a backlog. To ensure the solution is reliably build, the Packaged Solution use cases are prioritized with respect to these change requests. We are confident that our supporting integration testing and go-live approach can get the system ready in approximately 6 months.