In the drive to help the Gulf Cooperation Council (GCC) region adopt the new accounting standard for insurance contracts, Lux Actuaries & Consultants, the UAE based independent actuarial consultancy, has formed a strategic partnership with FIS’ Prophet team. Together, FIS and Lux will offer GCC clients a unique combination of technology and services that meets all their actuarial and IFRS 17 requirements.
Despite another year’s delay to the standard’s introduction, now slated for January 2023, regulators in the GCC are eager for local insurers to start implementing IFRS 17. Given the operational complexities involved, they also recognize the importance of providing expert guidance and hands-on help.
With an official accreditation for using Prophet GI and consulting on our actuarial risk modeling solution suite, Lux is an ideal partner for FIS as we continue to support IFRS 17 implementation projects around the world.
Martin Sarjeant, Head of Product Strategy, Insurance, FIS, says, “Even in the current health crisis, it is business as usual for the international rollout of IFRS 17. Through Prophet’s first formalized relationship in the Middle East, we are delighted to work alongside Lux Actuaries and Consultants, and excited about supporting clients across the region in their journey to compliance.”
Shivash Bhagaloo, Executive Director, Lux Actuaries & Consultants, says, “The strategic partnership between Lux and FIS tailors a powerful IFRS 17 service offering to the nuances of the GCC market. We are proud to collaborate with the Prophet team on helping add value for our clients on their road toward full compliance and, even more importantly, support thereafter.
Following the recent training program at our Dubai offices, delivered by FIS, our team continues to build its knowledge of and expertise in Prophet. We remain focused on creating best-in-class actuarial resources that can support clients through regulatory change and provide a strong foundation for their insurance business.”
For more information please contact us at [email protected] to find out more.
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