Equisoft, a leading global financial technology company providing advanced solutions for the insurance and wealth industries, today announced its partnership with the Insurance Association of the Caribbean Inc. and the Institute of Chartered Accountants of the Caribbean to host a series of comprehensive seminars that will help insurers facilitate the changes necessary to achieve and maintain compliance with IFRS 17.
The incoming set of new accounting standards are the biggest reporting changes for insurers in more than a generation—requiring the creation of a long-term roadmap uniting finance, risk and actuarial teams, as well as significant data and technology innovation.
“Our members have been asking us for guidance in understanding the intricacies of IFRS17 and implementing the steps necessary to comply,” said Janelle Thompson, CEO and Executive Director, Insurance Association of the Caribbean. “To support them in the transition from IFRS 4 to the new standard, we joined with Equisoft and Marvin Yorke Consulting Inc. to share their unique expertise with IFRS and navigating the data challenges it presents.”
The seminars will be held on:
- Nov 4-5 in Georgetown, Guyana
- Nov 7-8 in Port of Spain, Trinidad
- Nov 11-12 in Miami, USA
“The disparate data sources and the complexity in mapping means that, at its core, IFRS 17 reporting becomes a “data” problem for insurers,” said Ruben Veerasamy, Equisoft’s Senior Vice President, Caribbean. “The best solution for achieving IFRS 17 compliance requires a comprehensive approach to data integration, data mapping, and data conversion.”
A leading provider of end-to-end insurance solutions, Equisoft is currently helping insurers meet the stringent IFRS 17 requirements–which require vendors to be equipped with expertise and experience in extracting, cleaning and mapping data from legacy policy systems. Equisoft brings to the seminars its unique experience in helping insurance companies reduce risk and avoid delays in such a complex process.
The Insurance Association of the Caribbean, Inc. (IAC) was the “brainchild” of a small group of visionaries (industry leaders from Jamaica, Trinidad & Tobago, Guyana and Barbados) who wanted to prepare the indigenous insurance industry for the future challenges of the remaining century. Its membership is diverse with a large contingent of registered affiliates located throughout the Caribbean, Canada, Europe and the United States that specialize in every field of insurance. The IAC’s mission is to promote and foster the advancement of the Caribbean insurance industry through research, education and advocacy, in so doing to create a platform for regional harmonization and integration in the industry.
Founded in 1994, Equisoft is a global provider of advanced digital solutions in life insurance and wealth management. Recognized as a valued partner by over 50 of the world’s leading financial institutions in 15 countries, Equisoft offers innovative front-end applications, extensive back-office services and a unique data migration expertise. The firm’s industry-leading products include CRM, financial needs analysis, asset allocation, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s main global partner for the Oracle Insurance Policy Administration platform. With its business-driven approach, deep industry knowledge, state-of-the-art technology, and a growing team of over 400 specialized resources based in the USA, Canada, Latin America, South Africa and India, Equisoft helps financial institutions tackle any challenge in this new era of digital disruption. Website: equisoft.com