LONDON, April 25, 2019 /PRNewswire-PRWeb/ -- After leading the market with the first vendor sale of an IFRS 17 software solution, the Aptitude Insurance Calculation Engine (AICE) celebrates the end of a busy and successful first year.
Aptitude's IFRS 17 Solution, which is made up of AICE and the powerful and IP rich Aptitude Accounting Hub, now has 8 major insurance clients across 3 continents.
The solution continues to appeal to insurers looking for a strategic and comprehensive finance solution. Part of the value offered is in the project accelerators built into the established and 'out of the box' nature of the accounting hub and subledger. These accelerators not only speed up implementations but also reduce risk and drive benefits beyond compliance. Aptitude's established Centre of Excellence is continually capturing best practices from the lessons gleaned from global implementations carried out with a vast partner network.
"Over the last year it's been our pleasure to work alongside some of the largest insurers in the world to help them comply with IFRS 17 in a way that minimises disruption, allows them to explain changes in key KPIs and positions them for future change," states Chief Product and Marketing Officer, Chris Wade. "We are seeing no slowdown in insurers' desire to address IFRS 17 as efficiently and effectively as possible."
The Aptitude IFRS 17 solution is continually evolving to keep pace with new requirements as they emerge. To celebrate the one-year anniversary, the solution has been updated with new enhancements that support FX, VFA and reinsurance. Additionally, new technology driving the UI, scheduler, security and reporting will give insurers a more visual view of reporting.
"The new enhancements we've made to the product will help insurers manage the complexity of their portfolio by providing greater depth of functionality across each of the three measurement models and give them more powerful tools to understand and visualise the impact of the new regulation on their financial outcomes," states Wade.
Aptitude Software is a finance software provider. In addition to a packaged solution to address IFRS 17, they offer solutions for lease accounting compliance (IFRS 16 / ASC 842), revenue recognition (IFRS 15 / ASC 606) and Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).
About Aptitude Software
Aptitude Software delivers finance software to the world's largest companies. It combines financial accounting expertise and specialist regulatory knowledge to create industry leading finance software. Aptitude Software supports businesses with combined revenues approaching $1 trillion and over 500 million end customers. Headquartered in London, Aptitude Software Ltd is an operating company of Aptitude Software Group plc.
SOURCE Aptitude Software
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