AmMetLife Insurance Berhad (“AmMetLife”), a joint venture between AMMB Holdings Berhad and MetLife International Holdings LLC, has selected FIS for its solutions to comply with the impending IFRS 17 insurance accounting standard that takes effect in 2022.
Issued in May 2017 by the International Accounting Standards Board, the IFRS 17 standard provides an expanded set of reporting and compliance requirements for accounting of insurance contracts. The new standard requires insurers and other organizations to make changes to their systems and processes for reporting on insurance contracts.
Due to the aggressive deadlines and changing requirements, AmMetLife is working with FIS and adopting an agile approach to the implementation. The agile approach, which values collaboration and adaptability, allows the project team to increase flexibility to react to emerging changes and meet IFRS 17 objectives. The daily teamwork between AmMetLife and FIS throughout the project ensures that quality is built into the system every step of the way, thus reducing risk of project failure.
“Meeting the IFRS 17 regulatory deadline with cost-effective and compliant solutions is a priority for AmMetLife and we want to make sure they are positioned to do so,” said Martin Boyd, president, Capital Markets Solutions, FIS. “Our accounting and reporting technology will help them develop financial statements and reports, build budgets and forecasts and track allocations.”
FIS is a global leader in technology, solutions and services for merchants, banks and capital markets businesses. We drive growth for clients by creating tomorrow’s technology, solutions and services to modernize today’s businesses and customer experiences. FIS applies our scale, deep expertise and data-driven insights to advance the way the world pays, banks and invests. We help our clients innovate with purpose and deliver experiences that are more simple, seamless and secure. Headquartered in Jacksonville, Florida, FIS employs 55,000 people worldwide who are dedicated to helping our clients solve for the future. FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
AmMetLife is a strategic partnership between AMMB Holdings Berhad (AmBank Group) and MetLife International Holdings LLC (MetLife). AmMetLife offers a comprehensive range of life assurance and wealth protection solutions distributed through a combination of over 200 AmBank and AmMetLife branded branch offices, in addition to the strength of its authorised life insurance agents nationwide. The strategic partnership combines the international expertise and financial strength of MetLife with the local strength and reach of AmBank Group to create a customer-centric and modern life assurance solutions provider in Malaysia. For more information, visit www.ammetlife.com