A top global insurer embarked on a program to implement a new reporting solution for the IFRS17 Insurance Contracts – the new International Financial Reporting Standard issued by IASB that would be effective from 1 Jan 2023. Aristal was engaged by the insurer to lead the IT Delivery for the implementation for its Malaysian conventional and Islamic entities.
The IFRS17 solution consisted of multiple applications (e.g. reporting, ETL, GL) hosted on Microsoft Azure cloud platform, with integration to local ETL programs and local policy admin systems (such as core policy administration, claim, compensation, reinsurance). The program adopted Agile & DevSecOps methodologies in the SDLC to automate the CI/CD pipelines from development to deployment. The program successfully went live in September 2022.