London. 22nd April 2021: Buruj Cooperative Insurance, has selected Legerity’s FastPost Express for IFRS17 solution for its Personal and Commercial lines of business to help it transition to the new International Financial Reporting Standard for insurance (IFRS17). It will also use FastPost Express for IFRS9 accounting for financial instruments. Legerity will work jointly with a team from EY on the implementation and project delivery. The new IFRS17 standard takes effect from January 2023 and is one of the most significant changes to accounting in the insurance sector in years. IFRS9 is also required by the IASB for insurers from January 2023.
FastPost Express is a third-generation accounting rules platform. It provides best practice, out of the box configuration, ensuring a fast and effective route to deliver these new complex accounting standards for all sizes of general, life and reinsurance firms.
“Buruj Cooperative Insurance ran a formal selection process across several vendors for IFRS17,” commented Abdulrahman Mohammed Al-Dakheel, General Manager at Buruj Co-operative Insurance.
“Legerity FastPost Express enables us to deliver both IFRS17 and IFRS9. With its powerful rules-based architecture and complex allocations module, we will be able to deliver levels of finance transformation that will have benefits across the business. We sought a respected partner with a modern enterprise grade software solution and found this in Legerity”.
Jeremy Wood, CEO at Legerity, adds “We are delighted to be working with Buruj Cooperative Insurance. Buruj is a flagship client for us in Saudi Arabia, and we look forward to working with Buruj on IFRS17 and 9 and future finance change programs.”
Jonathan Matchett, Partner and MENA Insurance Leader at EY, said “EY and Legerity have established a very successful collaboration globally on IFRS 17, and we are very pleased to be able to take this together to the MENA region.”
About Buruj Cooperative Insurance
Buruj Cooperative Insurance Company (Buruj) is a publicly traded short-term insurance company headquartered in Riyadh in the Kingdom of Saudi Arabia. Buruj currently writes both Personal and Commercial lines of business. Buruj’s lines of business include Property, Motor, Engineering, General Accident, Medical, Marine, and Group Life.
About EY MENA
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.
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.
The MENA practice of EY has been operating in the region since 1923. For over 97 years, we have grown to over 7,500 people united across 21 offices and 16 countries, sharing the same values and an unwavering commitment to quality.
Legerity helps clients deliver digital finance transformation and complex accounting change, cost effectively and with minimum disruption.
Legerity’s FastPost Express is an enterprise grade, cloud native IFRS17 solution. It covers all the finance aspects of IFRS17 from receipt of cashflows, calculating the contractual service margin (CSM) through to the posting of journals and production of IFRS17 reports and disclosures. FastPost Express is not just about compliance, it lays down the foundation for finance transformation, business agility and is future proofed for digital insurance products.
Legerity was awarded the IFRS17 Solution of the Year award in February 2021 by InsuranceERM, a highly prestigious industry award that is subject to a rigorous selection process by an independent team of industry expert judges from across Europe and the UK.
Legerity was also named a Category Leader in the Chartis Research report, “IFRS17 Technology Solutions: Market and Vendor Landscape 2020,” a report that assesses leading vendors of IFRS 17 solutions.