Intelligent finance for insurance
Explore myConcerto, our end-to-end platform for fast-tracking your insurance company’s finance modernization journey, inclusive of new accounting standards IFRS 17 and LDTI.
Effective January 1, 2022, IFRS 17 provides new standards for how insurers recognize revenue tied to their insurance contracts. Under IFRS 17, insurance contract liabilities are calculated as the present value of future insurance cash flows with a provision for risk. Similarly, the US GAAP Long Duration Targeted Improvements (LDTI) regulation changes the assumptions insurers use to measure the liability of future policy benefits for traditional insurance contracts by requiring the liabilities to be measured on a current basis. Both regulations are fundamentally changing how insurers record and report their financial results.
These changes pose several challenges to insurance companies. Resolving underlying data and technology challenges will consume the most time and resources. This integrated technology and services offering for insurance enables carriers to digitalize their financial information and meet compliance standards while helping them unlock trapped value from data.
Our comprehensive solution, supported by Accenture’s myConcerto platform, leverages cutting-edge technology and is designed to help the insurance industry address finance modernization and compliance.
It decreases project implementation effort and increases delivery certainty.
As a preconfigured solution, it encompasses process, data and reporting delivered in an integrated platform.
It is compliant with local accounting standards as well as International Financial Reporting Standards.
It leverages Accenture’s finance transformation know-how & best practices.
It comes with an insurance industry data model that is designed to meet IFRS 17 financial statement and footnote disclosure requirements.
Our integrated platform combines our best capabilities with those of our trusted and industry-leading partners.
Accenture is the #1 SAP provider globally with over 47,000 SAP practitioners, winning more SAP awards since 2016 than any other partner. Inquire with our team below about this solution.