Financial technology leader FIS has been named a category leader by leading industry research firm Chartis Research for technology solutions that enable global insurers to comply with the International Financial Reporting Standard (IFRS) 17 and U.S. GAAP Long Duration Targeted Improvements (LDTI) accounting standards.
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The IFRS 17 and LDTI accounting standards have been developed by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to enhance global accountancy standards in the financial services sector. Companies are required to comply with IFRS 17 and LDTI by January 2023 and January 2022, respectively.
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In its new “Insurance Risk Systems for IFRS 17 and LDTI Compliance, 2020” Market Update and Vendor Landscape, Chartis assessed suppliers of IFRS 17 and LDTI technology compliance solutions based on the completeness of their offerings as well as their market potential. FIS is rated as a category leader in all three of its RiskTech Quadrant® for accounting systems, data management and reporting, and actuarial modeling.
“Collectively, these two new accounting standards will represent the biggest systematic change experienced by the global insurance industry in decades,” said Andrew Bateman, Head of Capital Markets, Buy-side at FIS. “Implementation of the standards will have significant impacts on firms large and small, requiring changes in their operations, infrastructure and personnel. FIS is committed to providing leading-edge technology to ensure our clients are prepared to make this transition and that their systems and processes are compliant.”
FIS has ranked No. 1 in the Chartis RiskTech100 for the last five years, leading the Industry Category for Insurance each year and topping the Solutions Category for IFRS 17 the last two years. In addition, FIS was named a category leader in a 2019 Chartis report ranking solution providers for IFRS 17.
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