Takaful IKHLAS Family selects FIS’ Prophet for a confident approach to IFRS 17 data
With around 500 days now to go until IFRS 17 comes into force, Malaysia’s Takaful IKHLAS Family is already well ahead of the game in its implementation of the new accounting standard. Thanks to a growing partnership with FIS, the insurer can count on being ready for compliance long before the 2023 deadline.
As a thriving takaful insurer with 13 branch offices, more than 5,000 agents and around 2 million policyholders, Takaful IKHLAS Family had been keen to take a proactive approach to IFRS 17. But with increased volumes of data to report on, the existing FIS client wanted to build on the performance and data management capabilities of its actuarial and risk modeling environment.
By upgrading to FIS’ Prophet Enterprise solution, Takaful IKHLAS Family can not only speed up model runtimes and produce results faster, but also reduce reporting risk and costs with fully automated processes and auditable, secure results.
Additionally, the firm will gain new capabilities for stress testing and analysis, which will in turn help it meet rising regulatory requirements for managing solvency and capital.
And with the seamless integration of the Prophet Data Management Platform (PDMP) into its operations, Takaful IKHLAS Family will also significantly lower the IT risks associated with the actuarial process – and be in a stronger position to report complete and accurate data to regulators.
By exchanging data easily with other systems and data warehouses, and tightly controlling the flow of data from source to report, PDMP will play a critical role in providing the transparency, performance, security and strong data governance that Takaful IKHLAS Family needs for IFRS 17 reporting and beyond.
Ganesh Prakash, Head of Actuarial Services and Appointed Actuary, Takaful IKHLAS Family, says, “As a growing insurance company, we needed complete confidence that we would meet the IFRS 17 deadline and continue to deliver on any further reporting requirements. With its expertise, experience and global track record, we trust FIS to help us implement a fast, effective and future-proof solution.”
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