SSQ Insurance Partners with Analytics Leader SAS to Prepare for IFRS 17
SAS, the leader in analytics is partnering with SSQ Insurance to support their journey toward IFRS 17 compliance. The new International Financial Reporting Standard (IFRS 17) is expected to increase the complexity and cost of operating in the industry but will improve financial transparency.
Through this partnership, SAS and SSQ Insurance will efficiently address IFRS 17 requirements as well as deliver additional benefits beyond compliance such as improved processes and automation to support their financial systems and serve to enhance overall efficiency and profitability.
“SSQ Insurance is pleased to announce a partnership with SAS. This collaboration is part of a set of guidelines established to ensure the successful implementation of IFRS 17 at SSQ Insurance. The expertise and mobilization of our internal resources combined with the know-how of SAS will allow our company to comply with the standard within the set deadline while optimizing the functionalities of this new solution and the additional information now available,” said Patrick Cyr, Senior Vice-President of Finance at SSQ Insurance.
IFRS 17 will fundamentally change the face of accounting. Insurance companies will have to report in greater depth on how insurance contracts affect their financial position. The regulation 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, many insurers such as SSQ Insurance have already started preparations for the changes.
“We recognize the level of complexity IFRS 17 brings to the insurance industry,” said Cameron Dow, President of SAS Canada. “We are very committed to supporting the industry with our leadership in risk transformation solutions, equipped to tackle the regulatory burdens of current and future reporting requirements.”
“IFRS 17 is the biggest reporting change for the industry in 20 years and the implications on insurers financial operating model cannot be underestimated,” said Darryl Ivan, National Executive, Risk, SAS Canada. “Insurers are considering their options early, adding strategic capability that can accommodate flexibility and scalability to future-proof against ever-changing standards. The SAS platform ensures that all parties – actuaries, risk managers and accounting specialists – can collaborate seamlessly and establish maximum transparency to ensure compliance while enabling the business. We are delighted to support SSQ Insurance in their IFRS 17 compliance needs.”
A market leader in financial risk solutions, SAS is committed to supporting our customers with the complex requirements around IFRS17. SAS leverages its strong partner network and customer experience to support the changing nature of regulatory compliance. Working with some of the world’s largest global insurers, including: Gen Re, Wüstenrot & Württembergische, and HDI Seguros; SAS will draw-upon its extensive knowledge and partner network to meet all the mandates of IFRS 17 in a single, comprehensive compliance environment. The new solution is built on the same flexible, high-performance analytics platform that is helping insurance firms meet Solvency II and helping the banking industry tackle its own regulatory disruption in IFRS 9.
To learn why insurers should act now to prepare for the new requirements, and the top 10 things to look for in an IFRS 17 solution, download the white paper Insurers: Are You Ready for IFRS 17?
About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With assets under management of $12 billion, SSQ Insurance is one of the largest companies in the industry. Working for a community of over three million customers, SSQ Insurance employs 2,000 people. Leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector. For more information, go to ssq.ca.
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The Canadian subsidiary of SAS has been in operation since 1988. Headquartered in Toronto, SAS employs more than 300 people across the country at its Vancouver, Calgary, Toronto, Ottawa, Quebec City and Montréal offices. For more information, please visit www.sas.com/canada