{"id":396996,"date":"2020-12-10T03:03:04","date_gmt":"2020-12-10T08:03:04","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=396996"},"modified":"2020-12-10T03:03:04","modified_gmt":"2020-12-10T08:03:04","slug":"standard-insurance-limited-becomes-latest-african-firm-to-select-moodys-analytics-ifrs-17-solution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/standard-insurance-limited-becomes-latest-african-firm-to-select-moodys-analytics-ifrs-17-solution\/","title":{"rendered":"Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution"},"content":{"rendered":"

<\/p>\n

Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution<\/b><\/p>\n

LONDON–(BUSINESS WIRE<\/a>)–
\nMoody\u2019s Analytics today announced that Standard Insurance Limited, the insurance arm of Johannesburg-based Standard Bank Group and one of South Africa\u2019s leading insurance providers, has selected the Moody\u2019s Analytics RiskIntegrity\u2122 for IFRS 17<\/a> solution to support its adoption of the new IFRS 17 accounting standard.\n<\/p>\n

Standard Insurance Limited<\/a> will use the RiskIntegrity for IFRS 17 solution as a software-as-a-service (SaaS) offering, allowing the firm to deploy the software immediately and accelerate its IFRS 17 implementation while benefiting from greater flexibility and ongoing cost savings.\n<\/p>\n

\nThe IFRS 17 standard represents a significant change in the financial reporting of insurance contracts. Insurers across Africa and around the world must implement systems that support the standard\u2019s new calculations and reporting requirements. The RiskIntegrity for IFRS 17 solution connects data, models, systems, and processes between actuarial and accounting functions, helping Standard Insurance Limited meet the new financial reporting obligations.\n<\/p>\n

\n\u201cGiven the complex nature of IFRS 17, it was essential that we select a provider with unrivaled data management capabilities and a robust calculation engine for managing the new requirements, as well as a proven track record of working with insurers in Africa. Moody\u2019s Analytics ticked all of those boxes,\u201d said Dr Nolwandle Mgoqi-Mbalo, Chief Executive at Standard Insurance Limited. \u201cUsing a SaaS solution removes several challenges related to maintenance and upgrades, since Moody\u2019s Analytics manages the IT infrastructure and all of the software maintenance.\u201d\n<\/p>\n

\n\u201cDeveloping new processes and implementing new systems to account for insurance contracts under IFRS 17 continues to be a priority for insurers in Africa,\u201d said Christophe Burckbuchler, Managing Director at Moody\u2019s Analytics. \u201cEarly adopters, such as Standard Insurance Limited, are looking for solutions that are quick to deploy, and can be efficiently scaled to meet the demanding data volume and performance requirements of the standard. Our solution, which integrates with Standard Insurance Limited\u2019s existing actuarial and finance systems, offers out-of-the-box functionality, providing the organization with immediate usability. We look forward to working with Standard Insurance Limited, as they progress towards the IFRS 17 effective date.\u201d\n<\/p>\n

\nEarlier this year, Moody\u2019s Analytics won IFRS 17 Solution of the Year<\/a> and four other categories at the InsuranceERM Awards.\n<\/p>\n

Learn more<\/a> about the Moody\u2019s Analytics suite of IFRS 17 solutions, and associated actuarial, risk, and finance solutions for insurers.\n<\/p>\n

About Moody\u2019s Analytics<\/b><\/p>\n

\nMoody\u2019s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody\u2019s Analytics, visit our website<\/a> or connect with us on Twitter<\/a> or LinkedIn<\/a>.\n<\/p>\n

\nMoody’s Analytics, Inc. is a subsidiary of Moody’s Corporation (NYSE: MCO). Moody\u2019s Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,400 people worldwide and maintains a presence in more than 40 countries.\n<\/p>\n

About Standard Insurance Limited<\/b><\/p>\n

\nStandard Insurance Limited (SIL) is a wholly owned subsidiary of Standard Bank Group (SBG) Limited. SBG is listed on the JSE Securities Exchange of South Africa. SIL is incorporated and domiciled in South Africa. Its principal activity involves the provision of short-term insurance.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201210005325\/en\/<\/a><\/span><\/p>\n

\nTRACEY SCOTT
\n
Moody\u2019s Analytics Communications
\n
+44.207.772.5207
\n
Moody\u2019s Analytics Media Relations<\/a><\/p>\n

moodysanalytics.com
\n<\/a>
twitter.com\/moodysanalytics
\n<\/a>
linkedin.com\/company\/moodysanalytics<\/a><\/p>\n

KEYWORDS:<\/b> Africa Europe South Africa United Kingdom<\/p>\n

INDUSTRY KEYWORDS:<\/b> Software Insurance Finance Banking Data Management Accounting Professional Services Technology<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
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<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution LONDON–(BUSINESS WIRE)– Moody\u2019s Analytics today announced that Standard Insurance Limited, the insurance arm of Johannesburg-based Standard Bank Group and one of South Africa\u2019s leading insurance providers, has selected the Moody\u2019s Analytics RiskIntegrity\u2122 for IFRS 17 solution to support its adoption of the new IFRS 17 accounting standard. Standard Insurance Limited will use the RiskIntegrity for IFRS 17 solution as a software-as-a-service (SaaS) offering, allowing the firm to deploy the software immediately and accelerate its IFRS 17 implementation while benefiting from greater flexibility and ongoing cost savings. The IFRS 17 standard represents a significant change in the financial reporting of insurance contracts. Insurers across Africa and around … <\/p>\n

Continue reading “Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-396996","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nStandard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/standard-insurance-limited-becomes-latest-african-firm-to-select-moodys-analytics-ifrs-17-solution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Standard Insurance Limited Becomes Latest African Firm to Select Moody\u2019s Analytics IFRS 17 Solution LONDON–(BUSINESS WIRE)– Moody\u2019s Analytics today announced that Standard Insurance Limited, the insurance arm of Johannesburg-based Standard Bank Group and one of South Africa\u2019s leading insurance providers, has selected the Moody\u2019s Analytics RiskIntegrity\u2122 for IFRS 17 solution to support its adoption of the new IFRS 17 accounting standard. Standard Insurance Limited will use the RiskIntegrity for IFRS 17 solution as a software-as-a-service (SaaS) offering, allowing the firm to deploy the software immediately and accelerate its IFRS 17 implementation while benefiting from greater flexibility and ongoing cost savings. The IFRS 17 standard represents a significant change in the financial reporting of insurance contracts. 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