Thai Life Insurance Is Taking on IFRS 17 with a Move to the Cloud

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As Thailand’s leading life insurer, Thai Life Insurance needed a powerful, innovative solution for managing the operational challenges of IFRS 17. With the new accounting standard coming into force in 2023, the firm faced a range of increased calculation and data storage requirements.

For this longstanding FIS client, the answer was to switch from an installed version of our Prophet risk management solution to the Prophet Managed Cloud Service (PMCS).

Through PMCS, we host and manage the Prophet application and its supporting hardware in the public cloud. Backed by high-quality service management and rigorous security standards, this provides a cost-effective, end-to-end platform for actuarial modeling and IFRS 17 reporting.

As well as helping Thai Life Insurance streamline its actuarial operations and reduce total cost of ownership for technology, PMCS gives the firm an optimized infrastructure and flexible compute capacity.

So, with complete support for its actuarial production process, Thai Life Insurance is now in a stronger position to handle IFRS 17’s complex calculations, efficiently store the results – and achieve compliance well before the deadline.

For more information please contact us at getinfo@fisglobal.com