SAS, an analytics company announced on Feb. 26 that it is partnering with SSQ Insurance to help the insurer prepare for IFRS 17 compliance. IFRS 17 is a new International Financial Reporting Standard.
With IFRS 17, insurance companies will have to report in greater depth on how insurance contracts affect their financial position. The standard comes into force in January 2022.
SAS says it will work in partnership with SSQ to address IFRS 17 requirements as well as deliver benefits “beyond compliance” such as improved processes and automation to support their financial systems.
"SSQ Insurance is pleased to announce a partnership with SAS. This collaboration is part of a set of guidelines established to ensure the successful implementation of IFRS 17 at SSQ Insurance. The expertise and mobilization of our internal resources combined with the know-how of SAS will allow our company to comply with the standard within the set deadline while optimizing the functionalities of this new solution and the additional information now available," said Patrick Cyr, Senior Vice-President of Finance at SSQ Insurance.