FIS is helping TAL integrate a newly acquired business and rise to tough new compliance challenges.
The challenge
As one of Australia’s leading life insurers, TAL had been successfully using FIS’ Prophet actuarial and risk management solution for more than five years. But with the implementation date of IFRS 17 approaching, the firm faced a new operational challenge – managing the complex reporting requirements of the new international accounting standard for insurance contracts.
At the same time, TAL was in the process of acquiring another life insurance business, Asteron Life. So, it needed technology that would work easily across both organizations and help merge their operations together.
The solution
With several alternative IFRS 17 solutions to choose from, TAL realized that Prophet provided the only end-to-end platform from a single vendor. It therefore made sense to extend the firm’s productive relationship with FIS – and benefit from our global experience and strong track record of implementing IFRS 17.
FIS' clients have been the first insurers in the world to go live with an IFRS 17 implementation. And as Asteron Life was already a Prophet user, too, our solution was the ideal choice for TAL to support not only the accounting standard but also integration with its newly acquired business.
The outcome
By performing IFRS 17 calculations within an actuarial rather than a finance system, TAL will gain natural advantages for business planning and regulatory reporting – while also improving connectivity and data flow between risk and finance.
To scale to the calculation and data storage requirements of IFRS 17, TAL moved from an installed version of our solution to the Prophet Managed Cloud Service (PMCS). By hosting and managing the Prophet application and supporting hardware in a secure public cloud, PMCS helps TAL increase flexibility and control costs.
Prophet’s Assumptions Manager gives TAL the key controls it needs to recognize profit under the rules of IFRS 17. Additionally, TAL has taken advantage of FIS’ expertise in handling IFRS 17 data by adopting our Insurance Data Repository. This purpose-built schema for insurance cashflows and Contractual Service Margin data allows TAL to translate Prophet’s output into terms that are meaningful for both business intelligence and regulatory reporting.
With an IFRS 17 expert on your side, you too could map the best possible path to compliance. Email us at getinfo@fisglobal.com to find out more.