Toronto, ON (Oct. 21, 2019) – SAS, the leader in analytics, has been selected by Northbridge Financial Corporation (Northbridge), a Fairfax company, to support their journey toward IFRS 17 compliance. The new International Financial Reporting Standard (IFRS 17) is expected to increase the complexity and cost of operating in the industry and will increase the required level of detailed financial information.
Together, SAS and Northbridge will work to efficiently address IFRS 17 requirements and deliver additional benefits beyond compliance tied to improved data management in support of Northbridge’s business operations and financial management.
“This collaboration with SAS allows us to leverage our existing relationship to ensure the successful implementation of IFRS 17. The expertise of our internal resources combined with the know-how of SAS will allow our company to comply with the standard within the set deadline while optimizing the functionalities of this new solution,” said Craig Pinnock, Chief Financial Officer, Northbridge.
IFRS 17 will fundamentally change the face of accounting. Insurance companies will have to report in greater depth on how insurance contracts affect their financial position. The regulation demands greater detail in financial analysis and increased cooperation between actuarial and accounting departments. While the standard does not come into force until January 2022, many insurers have already started preparations for the changes.
“The worldwide implementation of IFRS 17 is likely to be one of the most disruptive changes to the insurance industry ever.” said Cameron Dow, President of SAS Canada. “We recognize the level of complexity IFRS 17 brings to the insurance industry and are very committed to supporting the industry with our leadership in financial risk transformation solutions, equipped to tackle the regulatory burdens of current and future reporting requirements.”
“As we approach the effective date of 1 January 2022, a key task for the insurers right now is to make the appropriate implementation decisions and not underestimate the resources that will be required to implement the required changes effectively and meet the deadline,” said Darryl Ivan, North America Head of Risk Consulting at SAS. “SAS continues to build momentum in supporting firms with IFRS 17 because we have the expertise, flexibility and capability to support actuaries, business managers and accounting specialists to meet the requirements of this complex and everchanging standard. Forward-looking insurers, like Northbridge Financial are also using this as a transformational opportunity, redesigning how the organization harnesses data to deliver business and operational benefits.”
A market leader in financial risk solutions, SAS is committed to supporting our customers with the complex requirements around IFRS 17. SAS leverages its strong partner network and customer experience to support the changing nature of regulatory compliance. Working with some of the world’s largest global and regional insurers, SAS will draw-upon its extensive knowledge and partner network to help Northbridge Financial Corporation meet all the mandates of IFRS 17 in a single, comprehensive compliance environment. The new solution is built on the same flexible, high-performance analytics platform that is helping insurance firms meet Solvency II and helping the banking industry tackle its own regulatory disruption in IFRS 9.
To learn why insurers should act now to prepare for the new requirements, visit our IFRS 17 resource hub.
About Northbridge Insurance
Northbridge is a wholly-owned subsidiary of Fairfax helping to protect Canadian businesses for more than 90 years. Based in Toronto the company is a leading commercial property and casualty insurance management company that offers a wide range of innovative solutions to Canadian businesses through its market facing brands: Northbridge Insurance, Federated Insurance, and TruShield Insurance. At year-end 2018, the company had written premiums of Cdn$1.7 billion and employed over 1,450 people. Visit www.nbins.com to learn more.
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SOURCE: SAS CanadaTags: IFRS 17, Legal Expense Insurance, Northbridge, partnership, SAS