SaaS: The IFRS 17 Innovator’s Solution?

Legerity’s Nick Deacon explores how relationships between enterprises & their technology have changed, and the role CTO / CIOs play in driving innovation across organisations.

Legerity recently launched it’s Software as a Service (SaaS) solution for IFRS 17. It enables Insurers across the world to meet the demands of the incoming IFRS 17 accounting standard – unparalleled processing power delivered with agility, scalability and flexibility. Most importantly, our new SaaS offering was developed in response to the increasing demand we are receiving from our CTO / CIO clients – many of whom are playing an increasing role in driving innovation across their organisations.

The relationships between enterprises and their technology have changed. Systems and infrastructure that were once state-of-the-art have become legacy burdens, and the focus of transformation projects across the Insurance industry. At Legerity we are seeing that those firms best placed to succeed are increasingly leaning on technology thought leaders – visionary CTO / CIOs that typically excel in three areas:

    • matching the latest technology with existing business needs to create effective solutions
    • recognising that tomorrow’s success depends on flexible and future-proofed tech foundations, rather than eye-catching ‘widgets’
    • articulating the business benefits to their fellow CXOs and Boards

SaaS has a critical role to play for these technology leaders, as it enables organisations to leverage the latest applications, respond to opportunity with agility, and provide a better service, without the need for disruptive installations. Flexible deployments and OpEx, subscription-based commercial models drive down cost. Combined with the increasing trend towards direct sales, SaaS models actually have the potential to drive healthy competition within a business – encouraging internal IT teams to excel and place the business client at the heart of everything they do.

The SaaS offering we provide at Legerity, for IFRS 17, exemplifies all of these best-in-breed characteristics. It is a highly secure and superbly architected platform that enables clients to scale their infrastructure with elastic, on-demand processing power, as business needs rise and fall across the financial year. As ever, we’re proud to push ourselves to deliver the highest client service – so our SaaS solution can be configured to firms’ precise requirements.

The legacy limitations of processing transactions and conducting analysis are being overcome by RegTech FinTech and InsurTech innovations. To meet the demands of IFRS 17, insurers require reporting granularity and shortened timelines, and are rejecting fixed business functionality and any need for forced upgrades.

The Legerity IFRS 17 SaaS solution is designed to support visionary CTOs and CIOs in their drive for ‘compliance plus’ – technology solutions that combine regulatory adherence with clear, differentiating business benefits.

I invite you to take a look at further details of Legerity’s SaaS model here.

If you would like to contact Legerity, please drop me a message or contact info@legerityfinancials.com