Chartis Names FIS as Category Leader for Insurance Risk Solutions
July 24 2020 - 7:00AM
Business Wire
Key facts
- FIS has been rated by Chartis as a category leader among
vendors that provide insurance risk solutions for IFRS 17 and LDTI
compliance.
- FIS ranked best-in-class for completeness of offering and
market potential.
Financial technology leader FIS® (NYSE: FIS)
has been named a category leader by leading industry research firm
Chartis Research for technology solutions that enable global
insurers to comply with the International Financial Reporting
Standard (IFRS) 17 and U.S. GAAP Long Duration Targeted
Improvements (LDTI) accounting standards.
The IFRS 17 and LDTI accounting standards have been developed by
the International Accounting Standards Board (IASB) and the
Financial Accounting Standards Board (FASB) to enhance global
accountancy standards in the financial services sector. Companies
are required to comply with IFRS 17 and LDTI by January 2023 and
January 2022, respectively.
In its new “Insurance Risk Systems for IFRS 17 and LDTI
Compliance, 2020” Market Update and Vendor Landscape, Chartis
assessed suppliers of IFRS 17 and LDTI technology compliance
solutions based on the completeness of their offerings as well as
their market potential. FIS is rated as a category leader in all
three of its RiskTech Quadrant® for accounting systems, data
management and reporting, and actuarial modeling.
“Collectively, these two new accounting standards will represent
the biggest systematic change experienced by the global insurance
industry in decades,” said Andrew Bateman, Head of Capital Markets,
Buy-side at FIS. “Implementation of the standards will have
significant impacts on firms large and small, requiring changes in
their operations, infrastructure and personnel. FIS is committed to
providing leading-edge technology to ensure our clients are
prepared to make this transition and that their systems and
processes are compliant.”
FIS has ranked No. 1 in the Chartis RiskTech100® for the last
five years, leading the Industry Category for Insurance each year
and topping the Solutions Category for IFRS 17 the last two years.
In addition, FIS was named a category leader in a 2019 Chartis
report ranking solution providers for IFRS 17.
To read the highlights of the Chartis report, visit
https://empower1.fisglobal.com/rs/650-KGE-239/images/2020-Chartis-LDTI-and-IFRS-17-RiskTech-Quadrant.pdf.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20200724005008/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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