Chartis Research analyzes Oracle Financial Services solutions for their ability to help organizations navigate IFRS and LDTI standards, including complex data management and reporting requirementsLondon—July 22, 2020
Oracle Financial Services has been recognized as a Category Leader in IFRS 17 and LDTI compliance by Chartis Research. In its recent report, Insurance Risk Systems for IFRS 17 and LDTI Compliance, 2020: Market Update and Vendor Landscape1, Chartis highlights Oracle as a category-leading vendor in its data management & reporting and accounting systems quadrants.
The Chartis RiskTech Quadrant® evaluated 13 vendors on the breadth of their IFRS 17 and Long Duration Targeted Improvement (LDTI) capabilities in helping insurers address the complexities of the new accounting standards. Oracle was noted as “best-in-class” or “advanced” in six out of seven capabilities considered in each quadrant – among the highest of any vendor. The full report can be found here.
“The IFRS 17 and LDTI standards are a historic change to insurance revenue-recognition requirements,” said Sid Dash, research director, Chartis Research. “Both predicate the need for insurers to break down silos in data management and reporting to ensure they have full agility and transparency across the enterprise. Oracle has long been effective at helping customers quickly adapt to new standards, and these recent quadrant positions underscore its ability to help insurers prepare for the upcoming IFRS and LDTI mandates.”
Learn more about how customer Phoenix Life is planning to use Oracle IFRS 17 Analyzer to meet the IFRS 17 standard here.
With IFRS 17 and LDTI (ASU 2018-12) going into effect in January 2023, insurance companies need a strategy to achieve compliance quickly and efficiently and employ an approach that accurately incorporates risk into the decision-making process. Oracle’s IFRS 17 and LDTI Analyzer solutions provide insurers with end-to-end modern accounting and reporting capabilities to tackle the challenges of these new standards and beyond.
“Our customers have long relied on Oracle as a trusted partner to help them navigate new standards and guidelines,” said Geetika Chopra, product strategy at Oracle Financial Services. “This recognition validates the comprehensiveness of Oracle’s IFRS 17 and LDTI Analyzer solutions in enabling insurers to meet the requirements of these evolving standards.”
Oracle Financial Services suite of modern risk and finance applications enable financial institutions to measure and meet risk-adjusted performance objectives, cultivate a risk management culture through transparency, lower the costs of compliance and regulation, and improve insight into customer behavior. Oracle IFRS 17 Analyzer extends these capabilities by taking data from a staging area that is common across all analytical applications and enables it for reuse in calculating Contractual Service Margin, Net Liabilities, and other calculations required for IFRS 17 compliance.
Oracle LDTI Analyzer is built on Oracle’s integrated risk and finance architecture, providing out-of-the-box capabilities for data aggregation, discounted liability calculations, measurement of market risk benefits (MRB), and amortization of deferred acquisition costs (DAC), while seamlessly integrating with Finance and Actuarial applications, enabling accounting, performance management, risk management, and reporting from a single platform.
1 Chartis Research, <a href="https://www.chartis-research.com/vertical/general-insurance/7573251/insurance-risk-systems-for-ifrs-17-and-ldti-compliance-2020-market-update-and-vendor-landscape">Insurance Risk Systems for IFRS 17 and LDTI Compliance, 2020: Market Update and Vendor Landscape</a>, Charter Research Staff, June 16, 2020
Oracle Financial Services Global Business Unit provides clients in more than 140 countries with an integrated, best-in-class, end-to-end solution of intelligent software and powerful hardware designed to meet every financial service need. Our market leading platforms provide the foundation for banks and insurers’ digital and core transformations and we deliver a modern suite of Analytical Applications for Risk, Finance Compliance and Customer Insight. For more information, visit our website at www.oracle.com/financial-services/.
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly-Automated and Secure Oracle Cloud Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology..
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.