Legerity has released a case study detailing how it helped Aegon International become an industry pioneer for IFRS17 implementation.

The project makes Aegon International one of a small group to reach dry runs across all three insurance models – and in multiple countries. It further demonstrates Legerity’s ability to deliver complex, multi-region projects and meet the needs of the Insurance industry’s largest firms.

The challenge

Looking to realise a common solution for the implementation of IFRS17 across its businesses in Spain, Portugal, Hungary, Poland, Romania and Turkey, Aegon International turned to the experts at Legerity.

A complex project that had a significant impact on the Actuarial, Finance and IT departments, the aim was to drive operational efficiency through cross-border consistency. However, as an early implementer of IFRS17, there were no ready-made solutions available for Aegon International to deploy. The group needed the flexibility to meet its requirements.

The solution

Legerity FastPost was chosen for its ability to deliver:

• End-to-end data lineage to support the accounting environment
• Coverage of all three models (GMM, PAA and VFA)
• Cloud-native technology with open interfaces

The Legerity team’s experience of complex implementations was also a crucial element of the project’s success.

Aegon International is now one of a small group of pioneer firms to have entered dry runs. This means that the group will be able to complete its entire change and test process during 2021, making it well prepared for the revised IFRS17 deadline in 2023.

About Aegon International

Aegon is one of the world’s leading providers of life insurance, pensions, and asset management. Its purpose is to help customers achieve a lifetime of financial security. Formed over 175 years ago, Aegon operates today in over 20 countries.

Aegon International was created in January 2020 to look after the management of the group’s businesses across Southern and Eastern Europe and Asia.

Read the full Aegon International case study on the Legerity site to find out more: