Hi and welcome back.
Today, we'll be looking at Aptitude,
which offers two IFRS17 products. There's the standard version,
which is highly configurable solution, able to meet the most complex of needs,
including multi-entity and multi-GAAP reporting.
And then there's Comply,
which is a pre-configured version that uses the same technology as
the standard option, but really geared towards single entities
looking for fast compliance with IFRS17 in a standardised model.
So let's begin by taking a quick look
at Aptitude's stand-out feature, which is the accounting hub.
As you can see,
it contains a fully functioning sub-ledger designed to manage large volumes
of accounting data in a really structured, governed way.
It offers a range of features well beyond that of IFRS17 compliance.
Within the reference data,
Comply comes with a pre configured IFRS17 chart of accounts.
These can be heavily configured if you need to meet your own organisation's setup.
Within Accounting Explorer are the summary
and detailed balances and the associated journals.
When selecting summary balances
for a particular entity and portfolio, we can see the balances by account code
on daily, monthly, yearly or life-to-date basis.
Double-clicking would drill down straight to the journals.
Now let's switch over to the insurance calculation engine, on the home page tab,
your users can set up a dashboard to very quickly visualise key IFRS17 items.
The left hand menu can be used to navigate through the system in an easy,
logical manner for inputs, outputs and execution with submenus under each.
The portfolios, cohorts, groups are all created within the references tab.
Within configuration, all of the IFRS17 calculations have
already been set up, including rules for both GMM and PAA.
For example, we can look at the CSM reconciliation sequence,
which has already been preconfigured, but, of course, can be changed.
The system also has the ability to import data directly from source systems,
those imports can be then seen with inputs, for example, cashflow data.
The system presents a database of the cash flow inputs, including the entity,
measurement date, portfolio, currency, cashflow type, among others.
These can be filtered and sorted as required.
Aptitude will then perform
the calculations and create the outputs or business events.
The system contains nearly 200 pre
configured business events, within which data can be categorised.
Comply contains a range of pre-built disclosure reports.
These contain integrated filters for entities, portfolios and groups.
We can simply click on that number to bring up the details and then,
if required, download into a range of different formats.
Aptitude also incorporates Jaspersoft
out-of-the-box to provide analytics capabilities.
You can choose your data set and then as many fields as you wish.
Using the pivot-style analysis, users can then drop your measures
and fields one after another into the pivot table to create the report.
Aptitude also comes with its own IFRS17 data visualisations, for example
here we see the breakdown of insurance service expenses by claims and risk
adjustment, premiums versus prior year, and earned versus unearned premium.
So we've only seen the tip of the iceberg of this highly sophisticated but very
intuitive and easy to use product, which integrates an IFRS17 calculation
engine and a powerful sub-ledger. If you'd like to learn more about its
capabilities, head over to democentre.io and book in a live demo.
Thanks for watching.