The insurance subsidiaries of the National Bank Group, HB Insurance Holding Ltd, Hellenic Life Insurance Company Ltd and Pancyprian Insurance Ltd, have decided to implement the solution SAPS/4HANA® for financial products subledger, insurance option.
Their primary goal is an overall finance transformation and conformation to the new International Financial Reporting Standard for Insurance Contracts (IFRS 17), which was issued in 2017 and will replace the IFRS 4 regarding the accounting management of insurance contracts on January 1st 2023.
The project began in June 2021 and is expected to be concluded by the end of 2022. Both Hellenic Life and Pancyprian Insurance will run both the IFRS 4 and the IFRS 17 for at least one year, until the end of 2022. The project will be implemented by the SAP partners improvIT Global Ltd and AMS-Advanced Management Solutions Ltd.
The implementation of the SAP solution for the IFRS17 will affect all the aspects of the Companies, to ensure the governing of the data, their origin and their transparency through out the information chain flow. This new prime quality accounting standard will reduce the long-term conformation cost and facilitate the comparison of the business units, the aggregated results, and the financial positions. Sap’s solution for the IFRS17 regulation aims at strengthening Balance sheets, thus offering better protection to those insured.
The aforementioned implementation involves the solutions S/4HANA Financial Products Subledger, Profitability and Performance Management and SAP Analytics Cloud. These services include the insurance and actuarial data management, the related IFRS estimates, the integration with the General Ledger (S/4HANA financials), as well as the preparation of all the IFRS17 notifications and financial reports.