EY & SAP develop new accounting solution for re/insurers - Reinsurance News
Summary
Financial services firm EY and software corporation SAP have developed a new solution to help re/insurance companies transform their data, systems and processes to comply with new international and US reporting standards. From January 2022, IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI) will fundamentally change how re/insurers disclose assets and liabilities, which could impact all aspects of reporting processes. The solution includes real-time dashboards of key financial performance drivers under the new standards, and can be offered standalone or combined with related SAP products and EY insurance suite for SAP. “These new standards are about more than compliance,” said Isabelle Santenac, EY Global Insurance Leader. The collaborative effort between EY and SAP helps the insurers to better project their performance in the new IFRS 17/LDTI world,” she explained.
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