Industry Article

Aegon International: An IFRS17 Implementation Success Story

In Legerity’s FastPost Showcase, host Mike Wilson speaks to Gea Keijsers and Alexander van der Sar of Aegon International about their experience working with Legerity on the implementation of IFRS 17, a new accounting standard for insurance contracts.

Interim Finance and Change Manager Gea begins by explaining the driving force behind Aegon’s selection of Legerity FastPost for the project in 2018.

“IFRS 17 required a new level of granularity in reporting and data operations,” she says, “Actuaries needed to work closely with accountants and with their IT colleagues across our multiple European operations, and we needed the right solution to take us through that complex process.

“We needed an accounting rules engine for data lineage and a sub-ledger to keep better track of the details required by IFRS 17. We also wanted a solution which could be implemented across our six European offices to ensure efficiency.”

“Business and IT working together was one of
our biggest success factors.”
– Gea Keijsers

Alexander, Aegon’s IFRS 17 Project Manager for Data and IT, explained that Aegon wanted to base the project on cloud technology within AWS. “ One of the challenges was to get all of our data into a secure ecosystem, with Legerity as part of it, “ he says. “We were aiming for a fully managed cloud environment and a fully automated process with no manual installation of hardware or software.”

Watch the Interview with Gea Keijsers & Alexander van der Sar

———————————- Download the full Article to read more ———————————-

20 Eastbourne Terrace,
London, W2 6LG, UK

Find us here

New York:
5th Floor, 1177 Avenue of the Americas, New York, NY 10036

Find us here

Hong Kong:
10th Floor WYND, 43-55 Wyndham Street, Central, Hong Kong

Find us here