FIS wins the reporting software of the year title for its Insurance Risk and Accounting Suite for IFRS 17 tool, which includes comprehensive calculation, data management, process automation and accounting sub-ledger capabilities.

The judges were impressed that FIS has designed its IFRS 17 tool to layer on top of existing models with the aim of eliminating costly product customisations.

They also liked the fact it offers a template facility so that clients can centralise their IFRS 17 calculations within its actuarial platform.

FIS introduced a tool for IFRS 17 in June 2017, one month after the new accounting standard was published. It has since followed this up with many updates that reflect industry and consultancy feedback, and incorporate regional differences.

In the past year, for example, FIS has improved the suite's IFRS 17 calculations to provide additional capabilities based on client feedback, covering both calculation and accounting treatment of results.

The provider's commitment to flexibility also stood out for the judging panel. For example, since IFRS 17 implementations require substantially more granular output from actuarial systems, FIS allows clients to use distributed database technologies.

Client success stories across Asia Pacific and supporting evidence further underlined FIS's case to win this category.