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Altius Insurance selects Legerity’s IFRS17 SaaS solution

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January 18, 2022

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FastPost Express helps Cyprus’ leading life, general and health insurance firm achieve IFRS17 compliance

London. 18th January 2022. Altius Insurance has selected Legerity’s FastPost Express for IFRS17 to help it achieve compliance with the new International Financial Reporting Standard (IFRS17). IFRS17 is one of the most significant changes to accounting in the insurance sector in years.

Altius is active in the insurance sector, providing the full range of related services: life insurance, non-life (general) insurance and health insurance. The Company is represented in all the cities of Cyprus, with nine branches and a rather extended network, operating through several agents, insurance consultants and through Alpha Bank’s branch network in Cyprus.

“We needed an IFRS17 solution that could complement our enterprise actuarial solution,” says Mr Evangelos Anastasiades,CEO, at Altius. “FastPost Express’ market-leading technology and enterprise-level cloud security monitoring and support had a big impact on our selection process. We also found the audit control within FastPost’s subledger incredibly valuable.”

FastPost Express for IFRS17 is a third-generation accounting rules cloud platform. SaaS-delivered with best practice, out of the box configuration, it provides a fast and effective route to deliver this new complex accounting standard for all sizes of life, general and reinsurance firms.

Jeremy Wood, CEO at Legerity adds “We are delighted to be working jointly with EY to help Altius deliver IFRS17 compliance. Altius is currently going through massive growth as a business, and we look forward to scaling this project alongside Altius to meet their changing business needs.”

Legerity will work jointly with the EY Center of Excellence team on the implementation and project delivery.

Stavros Violaris, Associate Partner and Insurance Leader at Ernst & Young Cyprus Limited, stated “Altius is a highly regarded insurer in Cyprus. It provides a wide range of insurance products combined with the highest levels of customer service. Our SaaS Managed IFRS17 Service with Legerity is a great example of how Legerity is leveraging the latest cloud-based technology to deliver best business practice and regulatory compliance”.

Konstantinos Nikolopoulos, Partner and CESA Actuarial Leader, EY Legerity Center of Excellence Leader, says, “Legerity FastPost Express enables Altius to achieve IFRS17 compliance with a solution that brings long term value to the finance and business teams. EY have invested in a Center of Excellence for delivering FastPost projects.

About Altius Insurance

Altius Insurance Limited, ex-Alpha Insurance Ltd, was founded in Cyprus on May 6, 1993. Active in the insurance sector, the company provides a full range of the services for life insurance, general insurance, and health insurance.

www.altiusinsurance.net

About Legerity

Legerity helps clients deliver digital finance transformation and complex accounting change. FastPost Express is an enterprise-grade, SaaS-delivered IFRS17 solution that won InsuranceERM’s IFRS17 Solution of the Year award in February 2021.

www.legerityfinancials.com

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. For further information please visit.

www.ey.com