The financial statements of companies issuing insurance contracts are bound to change intensely beginning Jan. 1, 2022 – the date marks the global adoption of International Financial Reporting Standard (IFRS) 17. IFRS 17 Insurance Contracts bring tremendous changes to how insurers manage operational costs, KPIs & forecasts, requiring an overhaul of financial management processes, applications & operating models.
IFRS 17 introduces the concept of conceding profit and recognizing this profit over the duration of the contract. This considerably changes the way companies’ measure and account for long-term insurance contracts.
While in Malaysia, MFRS 17 compliance will be significant and half of the cost will be investment in systems.
KGiSL entered into a strategic partnership with a leading vendor for providing you an automated solution for addressing the new and expanding compliance requirements. This helps you to focus on your business as you are in compliance with IFRS 17. KGiSL provides an IFRS reporting hub including data repository, calculation modeling, reporting and disclosures in one easy to use solution. Your insurance process gets simplified with KGiSL’s solution as it provides data collection, calculations, posting, reporting and disclosures of insurance contracts
Pre-configured solution gets compliant quickly with a lower Total Cost of Ownership (TCO).
Our regulatory solutions are non-disruptive to existing architecture – they will integrate with systems on ground or on cloud.
Creates single contract data repository to accurately calculate, report & disclose for IFRS 17 and other reporting requirements.
With our calculations engine and power of analytics you can process IFRS and calculate large volumes of data quickly
A single version of data makes it easy to analyze, drill down to details and report while adhering to IFRS 17 disclosure requirements.
Monitor the whole process with a dashboard that provides the status throughout the submission, adjustment and consolidation process.