Analytics company SAS announced this week that Intact Financial Corporation has chosen SAS to support end-to-end processes and efficiently address the intensive IFRS 17 requirements.
“IFRS 17 will substantially change the face of insurance accounting,” SAS said in a statement released Sept. 24. “Companies will have to report in greater depth on how insurance contracts affect their financial position. The accounting standard demands greater detail in financial analysis and increased cooperation between actuarial and accounting departments. While the standard does not come into force until January 2022, Canadian insurers have already started preparations for the changes.”
To help Intact and others (SAS is also working with SSQ Insurance in Canada), SAS provides IFRS calculation engines, advanced analytics, workflow, data management and visualization to support compliance calculations. The company says its solution is built using the same analytics platform that is helping insurance firms meet Solvency II requirements and helping the banking industry deal with IFRS 9.
“We recognize the level of complexity that IFRS 17 brings to the insurance industry,” says Cameron Dow, president of SAS Canada. “We are very committed to supporting the industry.”