SAP solution will enable the organization to comply with the new accounting standard
Nicosia, 22/3/2021 – Nest Investments has chosen an SAP solution in a strategic decision to meet all the requirements of the IFRS 17 International Regulation. Nest Investments will implement SAP S/4HANA® for financial products subledger, insurance option, a complete solution to address the requirements and challenges of the new IFRS 17 Regulation. The project implementation will be delivered by improvIT Global Ltd, an SAP Partner with long experience in insurance IT consulting, in co-operation with SAP channel partner AMS-Advanced Management Solutions Ltd.
The transformation program will deliver the implementation of the new accounting standard (IFRS 17) for insurance companies utilizing all capabilities of the SAP solution to further enhance the ongoing financial transformation of Nest Investments. By adding financial intelligence to the entire spectrum of insurance operations, the solution will enable the organization to comply with the new accounting standard, simplify and streamline internal processes while strengthening information-driven decision making.
The implementation includes the solutions of S/4HANA Financial Products Subledger, Profitability and Performance Management and SAP Analytics Cloud within an 11-month period starting from January 2021, followed by 1 year of parallel operations support. Services are based on an end-to-end approach that includes insurance and actuarial data management, IFRS related calculations, integration with General Ledger (S/4HANA financials) as well as preparation of all IFRS17 disclosures and financial intelligence reporting.
IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023.