Packaged Solution for IFRS 17 Reporting from ifb SE Now Available on SAP® Store as Part of SAP’s Industry Cloud Portfolio

Delivers a complete, pre-documented and pre-configured solution that integrates with SAP Analytics Cloud to cover all IFRS 17 reports and data interfaces for the insurance industry

Cologne — March 25, 2022 — ifb SE announced today that its Packaged Solution for IFRS 17 Reporting is now available on SAP® Store and is part of SAP’s industry cloud portfolio for insurance. 

Packaged Solution for IFRS 17 Reporting is built on SAP Business Technology Platform (SAP BTP) and integrates with SAP Analytics Cloud. The solution leverages the innovation and integration capabilities of SAP BTP to deliver IFRS 17 compliance to insurance customers as part of SAP’s industry cloud portfolio.

“Insurance customers require solutions which are integrated and automated but also focused on the business specifics of their company and industry. IFRS 17 is another challenge in this context,” said Bernd Müller, Director at ifb SE. “With our Packaged Solution for IFRS 17 Reporting, we are providing an end-to-end trail from posting to reporting. This reporting solution is scalable to management and regulatory reporting as proven by current IFRS 17 implementations. Preconfigured content allows users to efficiently implement and generate reports for IFRS 17. Integration with SAP Analytics Cloud provides live access and real-time reporting on the SAP HANA environment as well.” 

Packaged Solution for IFRS 17 Reporting helps businesses to:

  • Achieve IFRS 17 compliance based on best practices with an estimated ~30% faster implementation cycle
    Based on best practices from advanced IFRS 17 projects, and the insight of leading auditor firms, ifb’s packaged solution comes with a complete set of IFRS 17 predefined disclosure reports, including functional transformation rules and interfaces. 
  • Integrate SAP Analytics Cloud reporting into their system landscapes
    The solution contains the technical data integration models to the subledger systems. Where SAP technology is being used, the solution streamlines integration using adjusted technologies on the relevant tables. Clearly defined interfaces for all other sources facilitate the integration of third-party subledgers.
  • Clear governance, guidance and a proven methodology
    Benefit from ifb’s implementation methodology, REFRAME™, via content with proven deployment success, including accelerated setup, testing, and data handling. ifb has amalgamated its knowledge across multiple advanced IFRS 17 projects, allowing businesses and their teams to focus on the outlier requirements.
  • Reduce implementation timeline risks
    With ifb’s approach, the company can deliver tangible results in weeks instead of months. This allows key users, such as actuaries, finance and compliance officers, to validate a solution rather than a design. ifb’s team will refine the best practice content hands-on and without undue burden of conceptualization.

“This is a prime example of how innovation and best practices can deliver value for customers,” said Anton Tomic, head of SAP insurance industry segment, Industry Business Unit, SAP. “We look forward to continued collaboration with ifb SE to create innovative cloud solutions and applications for customers who want to drive cost-effective and sustainable growth in their industry.” 

To enable companies to become intelligent enterprises, SAP is expanding its vertical solutions with an ecosystem of industry cloud solutions. The solutions leverage SAP BTP, with advanced technologies, and are interoperable with SAP’s intelligent suite. ifb SE is working with SAP to create offerings that meet specific, insurance industry requirements to provide customers with tools to help achieve positive business outcomes. Learn more at SAP Store.

About ifb SE

ifb SE is an SAP gold partner in the SAP PartnerEdge® program specializing in finance and risk transformation projects at insurances and banks.
For more than two decades, ifb SE has been an SAP partner in the financial services sector, focusing particularly on SAP solutions for insurance companies and banks, such as applications for general ledger and subledger accounting, risk and performance management, planning and simulation as well as consolidation.
Thanks to our many years of experience, we are one of the world's leading providers for the design, implementation, customer-specific extension and operation of SAP products for the banking and insurance industries.

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Oliver Greiner
Bernd Müller