Cloud technology came of age last year. Remote working due to the Covid-19 pandemic, combined with the need for accelerated business innovation and increasingly tight regulatory deadlines, created a perfect storm for cloud adoption.
Legerity's use of the cloud for delivering finance change and IFRS17 implementations in over 30 countries illustrates how the cloud can radically transform project delivery, and how regulatory programmes can be used to accelerate cloud adoption for insurers.
In the case of Aegon International, Legerity helped the insurer deliver IFRS 17 across six countries with FastPost, its cloud-based accounting rules platform.
The project required collaboration by 75 professionals across three areas of expertise - actuarial, accounting and IT. It featured three core workstreams, combining actuarial and financial data for close to 200 commercial products - all with different characteristics and conditions.
The IFRS 17 implementation helped the process of moving to the cloud as the insurer deployed a state-of-the-art future-proof architecture, with all businesses able to access the data ecosystem that supports end-to-end data lineage and operations.
"For global insurers with multiple accounting and solvency bases, this makes reporting and integration of new businesses potentially so much faster," said one judge.
Another judge applauded Legerity's solution for its flexibility in helping for smaller firms that started IFRS 17 projects late.
To help smaller and medium size insurers deliver IFRS 17 cost-effectively, Legerity has developed FastPost Express for IFRS17, a pre-configured, out of the box, software as a service version of its solution for insurers with smaller IT departments and limited budgets.
For late starters, Legerity has stepped in to help firms meet internal transition reporting and external regulator deadlines at short notice, all thanks to cloud technology.
Legerity's chief executive and founder Jeremy Wood expects the use of cloud to continue in IFRS 17, IFRS 9 and sustainability reporting. In addition, he expects more transformation projects for the back office using cloud technology to come.
