SK Yu-Life will establish the IFRS 17 Calculator from Syntegs

2024: Installation Plan "IFRS 17 Calculator"

JSC SK Yu-Life will establish a new development Syntegs - IFRS 17 Calculator. The integration of development is due to both ensuring compliance with the requirements of the legislation, which will enter into force on January 1, 2025, and the general vector of process automation in the insurance company. Sintegs announced this on March 20, 2024.

Since 2025, the insurance market has been switching to the application of IFRS 17, which implies large-scale changes in terms of calculations. For most companies, these requirements cannot be met without automation.

The installation of the IFRS 17 Calculator is another important step in automating our company's settlement processes. The choice of development was carried out between several solutions from different suppliers and settled on the IFRS 17 Calculator, since it meets the criteria of our company. Also an important factor in choosing a vendor was the past experience of successful cooperation with Sintegs in the framework of projects to switch to the 710-P and 781-P Regulations, - said Alexander Chusovitin, financial director - chief accountant of SK Yu-Life JSC.

By aggregating data from the actuarial module and insurance accounting systems, the IFRS 17 Calculator will allow the company to automate all calculations in accordance with the new standards. An equally important stage of the project will be the control of the formation of postings to the Position of 803-P and notes to the Position of 728-P.