Eurolife and Genikes Insurance chose SAP

Nicosia, 14/01/2022 – Bank of Cyprus Group is accelerating its Finance Transformation for the Group’s Insurance Companies by choosing SAP solutions. Eurolife and Genikes Insurance, each a leader in their respective insurance sector, are implementing SAP S4/HANA Cloud solution.

With an aggressive deadline for IFRS 17 reporting and, at the same time, their need for digital transformation, both Companies will now RISE with SAP, as they will move to a cloud environment, where they will achieve agility, flexibility, automation and at the same time experience their Business Transformation as a Service.

The RISE with SAP offering bundles together capabilities and services from SAP to support a holistic business transformation including SAP S/4HANA Cloud at the core for a unified foundation for everyday business processes excellence and innovation that can expand across the entire organization to unify processes and comply with IFRS 17 regulation.

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