The Ageas Portugal Group, SAP Portugal and SCORE Consulting announce the signing of an agreement with the objective of transforming the systems, applications and information processes of the Belgian insurance multinational. This partnership aims to implement a solution that meets the framework of IFRS17, the accounting standard that applies to the accounting of insurance contracts, reinsurance contracts and investment contracts with discretionary participation characteristics.
By advancing with this program, Ageas stands out as the first organization in our country that progresses in the implementation of the SAP solution that supports and responds to the defined standard. IFRS17 aims to replace the current IFRS 4 and is expected to enter into force on 1 January 2022.
IFRS17 is the new financial and statutory reporting standard to be applied throughout the European Union, for which SAP developed a specific financial offer based on the solution SAP S/4HANA, accommodating the new regulatory environment and the new, increasingly complex reporting that insurers, but also banks and fintech companies, will have to face.
João Barão, Accounting and Reporting Director of the Ageas Portugal Group, points out that “this agreement, established with SAP and Score, aims to ensure the transformation of processes and systems necessary for the successful adoption of the requirements of IFRS 17, so that the Grupo Ageas Portugal present the financial statements with reliability and, at the same time, prepare the entire organization for a structural change in the way in which the results foreseen in this new standard are analyzed”.
As a result of carrying out several SAP implementation projects in the Insurance industry, SCORE has developed skills and specific knowledge about financial processes and regulatory requirements for financial reporting, allowing a differentiating knowledge in areas of expertise in the area of SAP Insurance.