Around the P&C insurance industry: Jan. 29, 2020

News from IMS, Everest, EY, SAP, and more. (Photo: Shutterstock)

EY Global Insurance announced a collaboration with SAP cloud-based data analytics in an approach EY says intends to help insurance organizations transform their financial reporting data, systems and processes required to comply with the industry’s new international and US reporting standards. The new standards are the International Accounting Standard Board’s (IASB) IFRS 17 and US GAAP Long Duration Targeted Improvements (LDTI). Effective Jan. 1, 2022 for large public organizations, these standards will fundamentally change how insurance companies recognize, measure, present and disclose insurance assets and liabilities, which may impact all aspects of businesses’ reporting processes.

The collaborative solution combines EY’s accounting experience with SAP S/4HANA® solutions for finance, accounting, and regulatory compliance. For clients seeking an end-to-end software as a service (SaaS) solution for IFRS 17/LDTI, this solution can also be combined with the EY Digital Enablement Platform, which enables insurance companies to connect SAP systems with other systems and provides seamless connections to in-house technology platforms.