Insurance FRS 17 with CCH Tagetik for Insurance Contracts – how a.s.r. reduces risk
Two main things are expected from a financial Risk department, the first thing is that we need to have efficient low-cost highly compliant processes, so the license to operate for a financial institution is to have good quality reporting tool for regulatory reports.
We use CCH Tagetik for consolidation, regulatory reporting and Solvency II, Tax, cost allocation. CCH Tagetik is one of our core system.
Why do you choose CCH Tagetik for IFRS 17?
The confidence in CCH Tagetik was the main reason to also choose CCH Tagetik for the IFRS 17 solution.
Another reason that was that the IFRS17 solution in the CCH Tagetik environment is a relatively simple and small solution whereas other providers designed larger and full scale solution and in our current finance risk architecture and we believe that adding another heavy system would not be a smart thing to do, so both the confidence on the one side but also the type of solution that is provided on the other side drove the decision to implement the IFRS 17 of CCH Tagetik.
How was the implementation of CCH Tagetik for Insurance Contracts?
In terms of the implementation phase, the benefits that we've seen in working together with CCH Tagetik is the fact that we were able to really give our own input and working on a solution together, seeing our own ideas in the new system and so we are very happy with that.
In terms of implementation time I think all in all we will end up with working on it for about a year and for an IFRS 17 solution I think that is very fairly quickly.
Based on our experience so far we are very happy.