In recent years, digital transformation has been reinventing the insurance industry in the Middle East. From private players to governments, everyone is focused on exploring the potential of technology to accelerate and streamline insurance operations. One of the biggest forthcoming changes in the industry is the shift from IFRS 4 to IFRS 17 accounting standards that will take effect on or after 1st January 2022. The new IFRS 17 standards will establish the principles for recognition, measurement, presentation, and disclosure of insurance contracts. Insurers will be required to adopt new accounting and actuarial practices, revamp internal process, and rethink how they configure the reporting controls to comply to the measurement models of IFRS17. In this regards, AJMS has partnered with Beyontec Solutions to launch a comprehensive solution for Insurance Sector for IFRS 17.
How TruAct can help you seamlessly transition TruAct is a comprehensive IFRS 17 solution for insurers in the Middle East. Developed by Beyontec and AJMS Global, two leading insurance solution providers, TruAct helps insurers securely and quickly transition from IFRS 4 to IFRS 17, with minimal interruptions or hefty implementation costs.