Insurers to More Easily Navigate Adoption of New Accounting Standard, Modernize Decision Making and Deploy Timely and Insightful Reporting

Oracle Financial Services Analytical Applications (OFSAA) and PwC, an Oracle PartnerNetwork (OPN) Platinum and Cloud Elite partner, announced today a global collaboration to provide insurance clients with clear visibility into near-term and ongoing compliance with the International Accounting Standards Board’s (IASB) new IFRS 17 standard, which insurers must meet by 2021, and the pending GAAP Long Duration Contract Standard. Together, Oracle and PwC are facilitating risk and finance transformation and insurers’ adoption of IFRS 17.

Oracle provides the data management platform to enable finance transformation and analytical applications for IFRS 17 with pre-built business rules, valuations, contractual service margin calculations and disclosures. The data management platform and its associated tools provide prebuilt integration with the accounting and financial close process, facilitate integration with actuarial systems, and create integrated, auditable results for internal and external reporting, with auditability and lineage.

PwC acts as Oracle’s strategic advisor and provide consulting and implementation services and accelerator tools delivering tailored enhancements. Insurers will benefit from improved decision making, modernized actuarial analytics, and more timely and insightful reporting related to compliance needs.

“Now more than ever, insurers have to meet an array of regulatory and compliance requirements including new financial standards, such as IFRS 17,” said Sonny Singh, senior vice president and general manager, Financial Services Global Business Unit, Oracle. “To do so, they need a comprehensive technological solution to properly comply with these increasingly complex requirements and reduce any adverse impact to their business. Oracle’s award winning risk and compliance platform, which are purpose built for financial services institutions, combine with PwC’s experience in advisory services to help provide insurers the necessary capabilities to address these stringent requirements.”

“PwC is a leading advisor to the insurance industry and plays a major role in helping insurers transform and modernize their businesses while meeting new IFRS 17 requirements,” said Alex Bertolotti, PwC IFRS 17 lead partner. “Together with Oracle, which has a strong technology position in the financial services industry, our extensive market experience enables us to provide advisory and software solutions for the insurance industry, and bring strong market experience in helping our insurance clients meet their specific business challenges.”