Unique SaaS-Plus solution captures, communicates and controls data for highly flexible and efficient IFRS 17 reporting processes
Zurich, 28 Jan 2018 – Systemorph, one of the leaders in solutions revolutionizing data management for insurances and banks, today announced its IFRS 17 Reporting Solution was selected by Zurich Insurance Company Ltd. (Zurich) for achieving compliance with the new international reporting standard in a number of its local Life businesses.
IFRS 17 is the global standard for insurance financial reporting to be introduced in 2021. Systemorph’s data management product automates and simplifies the end-to-end gathering, calculation, analysis and reporting of data for IFRS 17 compliance.
“We chose the Systemorph solution because it offers advanced automation, intuitive operation, and flexible reporting that can be deployed quickly across our business units”Brian Bissett, Chief Group Actuary, Zurich
“Since we serve customers in many markets, we needed a data management solution that would streamline the collection, validation, calculation and analysis of data across a wide range of sources and teams,” said Brian Bissett, Chief Group Actuary, at Zurich.
The IFRS 17 Reporting Solution is powered by Systemorph’s Vertex platform, which delivers a range of features and benefits for capturing, communicating and controlling data for reporting and better decision-making:
“The Systemorph IFRS 17 solution should enable us to do rapid prototyping and permit us to explore methodologies and to analyze our portfolios in depth,” said Alexander Ofutin, IFRS 17 Product Owner at Zurich. “We will be able to use the Systemorph solution to quickly and easily create data variants for stress testing, sensitivity analysis, and projection exploration.”
“We built the Vertex platform to enable insurers to centralize data control in their organizations while maintaining flexibility for distributed data management and local customization,” said Dr. Roland Bürgi, founder and CEO of Systemorph. “Now insurers can focus on business content, not spending cycles dealing with the underlying technologies.”
The new IFRS compliance project follows a successful actuarial reporting project for Zurich in which Systemorph deployed a new reporting platform in less than nine months, reducing operating costs by more than 50 percent and increasing user satisfaction and productivity.
Systemorph provides data management solutions revolutionizing financial reporting, actuarial and risk functions for insurers. Headquartered in Zurich, Switzerland, the company is known for delivering high-performance, tailored data management solutions for a fraction of the cost of custom software development.
A trusted partner to insurers, accounting firms and consultants around the world, Systemorph is ISO 27001:2013 certified and its solutions are hosted with top tier cloud service providers.
Systemorph’s unique Four Week Proof of Concept yields tangible, usable results based on real business data, bringing immediate value to business processes such as those supporting IFRS 17 compliance. Systemorph’s cloud-based solutions set a new industry benchmark for simple and rapid deployment of highly efficient data management processes in complex data environments.