Intact Financial Corporation selects SAS to prepare for IFRS 17
Through this arrangement, SAS and Intact will work to support the end-to-end process to efficiently address the highly intensive IFRS 17 requirements. With IFRS 17 taking effect from January 1, 2022, firms are putting the right systems in place to tackle numerous challenges introduced by the new accounting framework.
“We are pleased to collaborate with SAS to prepare for the implementation of IFRS 17 while optimizing the new functionalities,” said Maude Choquette, Vice President, Finance and Corporate Controller, Intact Financial Corporation.
IFRS 17 will substantially change the face of insurance accounting. 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.
“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 financial risk transformation solutions, equipped to tackle the regulatory burdens of current and future reporting requirements.”
“SAS continues to build momentum in supporting firms with IFRS17, proving that we have the end-to-end solution the industry needs to meet this complex and ever-changing standard”, said Darryl Ivan, North America Head of Risk Consulting at SAS. SAS brings leading capabilities in IFRS calculation engines, advanced analytics, workflow, data management and visualization to support compliance calculations at scale with data lineage and transparency.”
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 and regional insurers, including: Gen Re, Wüstenrot & Württembergische, HDI Seguros and SSQ Insurance in Canada; SAS will draw-upon its extensive knowledge and partner network to help Intact Financial Corporation 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?
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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.