Intelligent finance for insurance: Oracle

Accenture and Oracle’s comprehensive solution helps insurance carriers address IFRS 17 and LDTI accounting requirements and unlock value from data.

Transforming financial reporting for insurance

IFRS 17 and LDTI changes come into effect January 1, 2022, impacting how insurers conduct financial reporting for contracts. These are expected to be the most challenging financial reporting changes for insurers in decades.

The joint Accenture and Oracle offering is a comprehensive solution designed to help the insurance companies address modernization of finance inclusive of the new accounting standards. Insurers will have the opportunity to utilize Oracle Solutions for IFRS 17 and Finance as well as delivery capabilities from Accenture that include assets such as architectural and configuration options, data and reporting, automation and intelligent analytics, providing a jumpstart to their modernization efforts.

To meet the new standards, insurance CFOs will need to use transformative new digital technologies and those that fully harness the power of data and new technologies can drive value, improve efficiency and empower CEOs with strategic insights.

Learn how CFOs can fully harness the power of data to overcome barriers, transform their role and work alongside CEOs as a key partner.

"IFRS 17/LDTI Standards are a historic change to insurance revenue recognition requirements. It presents a unique opportunity for insurers to align and transform disparate business processes, and gain greater operational efficiency and insight. Oracle's modern integrated solution, combined with Accenture's comprehensive services will allow adoption of IFRS 17 standards and establish the baseline for a wider insurance modernization initiative."

— SONNY SINGH, General Manager and Senior Vice President – Oracle Financial Services

Leading IFRS 17 systems integration

IFRS 17 and LDTI will significantly change insurance companies’ financial reporting, but their impacts reach further into the finance function:

  • Source underwriting systems, data stores, actuarial calculation models and the general ledger will be affected.
  • Financial statements will need to be presented differently.
  • Standards require a combined measurement methodology of future cash flows with the recognition of profit over the period.

Accenture is one of Oracle’s leading systems integration partners globally, with more than 54,000 Oracle-skilled consultants around the world helping clients accelerate digital transformation by implementing Oracle-based business solutions and new business processes that develop and evolve as their digital business grows. Our solution will enable:

  • Compliance with international and US regulations
  • Increased traceability from financial statements to disclosures.
  • Additional data available for analytics.

Accenture + Oracle

#1

Oracle systems integrator globally 12 years in a row.

145+

Oracle awards won since 2003—and more than 30 won since 2017.

80%

Of our Oracle clients are repeat clients.

The changes required from IFRS 17 provide an opportunity for insurers to capitalize on their rich repositories of data and derive more value from advanced analytics...This joint offering provides the building blocks for the journey to a full digitalization of finance, allowing insurance CFOs to enable the enterprise strategy beyond the borders of the finance function.

— STEVE CULP, Senior Managing Director and Global Lead for Finance & Risk, Accenture

Start the journey with us

New intelligent tools and technologies will enable insurance carriers to innovate and digitize their financial reporting, while empowering them to embark on the journey to making better data-driven decisions and unlocking trapped value.

Discovery overview & background

  • Align on high-level objectives.
  • Discuss industry trends and technology innovations.
  • Walk through E2E road mapping process.

Innovation days

  • Share key trends and directions.
  • Collaboration workshop across Finance & Technology.
  • Co-create a high-level future vision.

Digital transformation strategy & roadmap

  • Value-driven roadmap for implementation.
  • Business case for selected capabilities.
  • Function and technology roadmap.

Implementation

  • Phased capability programs based on a developed implementation roadmap.

Contact us

  • Get in touch with our team to start your journey.

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