Accenture and Oracle team up for IFRS 17

Accenture and Oracle have released an integrated technology and services offering that enables insurers to digitise their financial information and meet accounting reporting standards for the International Accounting Standard Board’s (IASB) IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI).

Combining Oracle solutions for IFRS 17 and finance with Accenture’s expertise and capabilities, the offering includes pre-configured templates, rules and reports to help insurers address the complexity associated with these accounting standards and help ensure compliance.

“The changes required from IFRS 17 provide an opportunity for insurers to capitalize on their rich repositories of data and derive more value from advanced analytics,” said Steve Culp, a senior managing director at Accenture and global head of the company’s Finance & Risk practice. “This joint offering provides the first steps on the journey to a full digitisation of finance, enabling insurance CFOs to drive the enterprise strategy beyond the borders of the finance function.”

Sonny Singh, general manager and senior vice president, Oracle Financial Services, added: “IFRS 17/LDTI Standards are a historic change to insurance revenue recognition requirements. It presents a unique opportunity for insurers to align and transform disparate business processes and gain greater operational efficiency and insight. Oracle’s modern integrated solution, combined with Accenture’s comprehensive services, will allow adoption of IFRS 17 standards and establish the baseline for a wider insurance modernisation initiative.”