Legerity announces IFRS 17 Software-as-a-Service

SaaS offering reduces implementation and operating costs of new insurance accounting standard.

Legerity, the market innovator in accounting rules technology, today announced the availability of its IFRS 17 Software-as-a-Service (SaaS). Legerity’s SaaS solution helps Insurance firms deliver IFRS 17 using an efficient opex model removing the need for the high capex costs of traditional IT system provisioning and projects.

The Legerity IFRS 17 SaaS covers all aspects of software delivery and hosting and includes a fully managed Cloud service. Based on the market leading Amazon Web Services (AWS) Cloud, global deployments are supported by local and regional data centres, ensuring any local data, security or operational requirements are catered for. Rapid implementation is facilitated through configurable IFRS 17 accounting templates plus advanced data integration support, standard APIs and web services.

IFRS 17 is the new global accounting standard for the Insurance industry. With a January 2021 adoption date it is the single largest accounting change to hit the Insurance industry in years. IFRS 17 aims to deliver consistent financial reporting across the sector, which will involve greater complexity, more granular data and increased volumes. The Legerity SaaS provides firms with the required agility, scalability, efficient resource usage and predictable implementation and operating costs for the significant challenge they face with IFRS 17.

Jeremy Wood CEO and Founder at Legerity comments: “The cost of implementing IFRS 17 is going to be material and firms need to maximise the business benefits of their investment. Legerity sets the standard in accounting rules technology today and our IFRS 17 SaaS is another example of how we are delivering game changing solutions to address complex and challenging programs. Those firms that embrace the opportunities that IFRS 17 brings, to deliver next generation solutions, will be in a strong position”.

Accountancy firm, Ernst & Young estimates that even smaller life insurers, with under $10 billion Gross Written Premium (GWP), will need a budget of $25 million for IFRS 17 projects, and for those larger insurers with over $25bn GWP they will need to spend upwards of $150 million to achieve compliance.

Legerity FastPost is a third-generation accounting rules platform specifically designed to help organisations implement IFRS accounting change in a non-disruptive manner. Delivered via the Cloud, it incorporates cutting edge application and data design running on modern Open Source infrastructure, enabling the lowest cost of ownership in its class. FastPost is the first enterprise class accounting rules platform that uses ultra-fast in memory data grid processing to deliver on- demand processing and massive scalability.

For further details on Legerity’s IFRS 17 Software-as-a-Service or to book an IFRS 17 SaaS Workshop please contact info@legerityfinancials.com or +44 (0)203 871 2944.