As a leading provider of specialist accounting and risk management systems for financial services firms, FIS is committed to preparing our clients for changes to tax and accounting regimes, long before the amendments take effect.
For both the international accounting standard for insurance contracts, IFRS 17, and Long Duration Targeted Improvements (LDTI) to U.S. GAAP, we have actively helped insurers meet complex new accounting requirements through our award-winning insurance risk management platform, Prophet. As well as providing a complete end-to-end solution for IFRS 17 or LDTI reporting, we offer tools for improving connectivity between actuarial and finance teams.
Insurers in more than 100 countries must comply with IFRS 17 by 2023. Implementing the new accounting standard for insurance contracts presents not only a complex operational challenge but also opportunities to add value.
Under IFRS 17, insurers must carry out additional calculations on groups of individual contracts to populate their financial statements. Prophet supports not only these calculations but also reporting and forecasting – giving you a single platform for compliance, business planning and pricing.
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