FIS and Deloitte form global strategic alliance to help insurers implement IFRS 17

The International Financial Reporting Standard for Insurance Contracts (IFRS 17) – affecting over 100 countries by 2021 – will revolutionize how insurers report on profits.

FIS, a global leader in financial services technology, and leading professional services organization Deloitte have formed a global strategic alliance that will help the world’s insurers implement the new International Financial Reporting Standard for insurance contracts (IFRS 17). With their experience in these two areas, FIS and Deloitte will work closely to support insurers as they get to grips with the new standard’s considerable operational complexities.

FIS has specially updated its award-winning Prophet risk management solution suite to provide a strong foundation for compliance with IFRS 17. It will continue to extend the solution as the guidance and interpretations evolve and will provide templates that can be tailored to client requirements during implementation. With updated libraries, data management tools, and a rich set of implementation examples, FIS will deliver the solutions clients need for compliance with IFRS 17.

With a long pedigree in implementing financial transformations and managing regulatory change, leading professional services organization Deloitte will bring a wealth of accounting and actuarial methodology excellence and experience to clients as they plan to implement IFRS 17. Deloitte will provide clients with advice on IFRS 17 and support implementation of the FIS solutions.

FIS and Deloitte are set to help clients not only achieve compliance, but to improve the collaboration between finance and actuarial functions. Let Deloitte and FIS help you see through the regulations to the real business benefits beyond.

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