Insurance Industry Solutions

The Aptitude IFRS 17 Solution is a purpose-built, IP-rich, solution for global insurers requiring compliance and strategic modernization. The solution incorporates all the calculations required to become compliant with the new standard and includes data consolidation and advanced accounting subledger capabilities to drive additional business value. 

• Compatible with all IFRS 17 approaches including the Building Block Approach (BBA), Premium Allocation Approach (PAA), and Variable Fee Approach (VFA)
• Out-of-the-box IFRS 17 accelerators to reduce implementation time and cost
• Proven ability to deliver large-scale, high-volume, multi-GAAP accounting

Aptitude IFRS 17 Comply delivers rapid, cost-effective, efficient compliance with flexible deployment options including SaaS, private cloud, and on-premise deployment models. It is a simplified version of the Aptitude IFRS 17 Solution, designed for insurers that are looking for a faster, more standardized path to IFRS 17 compliance while laying the foundation for future transformation projects.

• Contains all functionality required to achieve compliance for P&C Insurers, Life Insurers, and Reinsurers.
• Includes standard IFRS 17 calculations, accounting rules, and disclosures and supports compliance under GMM, VFA, and PAA
• Can be easily integrated into existing finance and actuarial technology landscapes

The Aptitude Accounting Hub addresses LDTI compliance requirements affecting the finance department such as the additional detail required for disclosures and the need for controls and traceability. AAH also simplifies the most complex of finance architectures, creating a ‘single view of finance’ and a launchpad for digital finance.

• Supports the need to report in accordance with the new GAAP standard (LDTI) which requires significantly more data, disclosures, and analysis.
• Subledger allows insurers to maintain detailed balances outside of the General Ledger and report off of them
• Out-of-the-box LDTI accounting templates and disclosure reports reduce implementation time and risk

The Aptitude Lease Accounting Engine (ALAE) enables compliance with the leasing standards IFRS 16 and ASC 842. While the compliance deadline has passed, some large global insurers are revisiting their implemented lease accounting solution to increase automation, efficiency and provide better data and insights around lease portfolios.

• Produce accurate journal entries and financial reports that are in compliance with ASC 842 and IFRS 16 requirements
• Accommodate all lease types and lessee/lessor accounting requirements
• Support scenario modeling such as lease vs. buy analysis
• Automate and manage complexities like non-traditional calendars, complex legal entity structures, embedded leases, multi GAAP accounting, and more

Aptitude Calculate is a scalable, standalone, multi-purpose finance calculation and cost allocation engine. It empowers finance business users to perform complex and multi-dimensional calculations, conversions, and allocations based on high volumes of transactional and operational data feeds from multiple source systems.​

• Generate cost allocations for multiple compliance standards and multi-GAAP requirements, ensuring data availability and removing spreadsheet dependencies
• Disaggregate allocations and ensure transparency in calculation and allocation logic.
• Fill IFRS 17 calculation gaps not addressed in existing actuarial and source systems

The Aptitude Accounting Hub delivers centralized and fully automated finance, accounting, and reporting. AAH is available in multiple deployment models including SaaS, private cloud, or on-premise.

• Support the migration to a cloud General Ledger and keep the GL ‘thin’ with a double-entry subledger to hold detailed data and maintain source to post traceability
• Create a single, trusted version of granular finance data that can be used to improve analytics and forecasting
• Centralize accounting rules and policy application for better control and agility