Legerity wins InsuranceERM Award for Best Use of Cloud Technology

insightsoftware -
March 1, 2022

insightsoftware is the global provider of enterprise software solutions for the Office of the CFO to connect to & make sense of data in real time, driving financial intelligence across […]

22 09 Pr Legerity Insuranceerm Cloudtech2022

Receiving this award is the industry’s recognition of Legerity’s use of the Cloud for delivering stand out finance transformation and accounting change projects across the globe. It is a fantastic illustration of how Cloud native technology can support business innovation and how firms can use finance and regulatory programmes to accelerate Cloud adoption.

“We are thrilled that Legerity FastPost, our cloud-native Accounting Rules Platform, has been recognised for its role in helping insurers, not only deliver business-critical projects on time and budget but provide valuable experience in adopting Cloud native SaaS solutions.”

– Jeremy Wood, Legerity CEO and Founder

Read the full winner’s story on Insuranceerm

“For global insurers with multiple accounting and solvency bases, FastPost makes reporting and integration of new businesses potentially so much faster.”

— InsuranceERM Awards Judge

2021 was the year that the Cloud came of age. Remote working due to the pandemic, combined with the need for accelerated business innovation and increasingly tight regulatory deadlines, created a perfect storm for Cloud adoption.

Some of Legerity’s Cloud Technology highlights over the last 12 months include:

  • Roll out of FastPost Express for IFRS17: Our Cloud SaaS “out of the box” FastPost Express for IFRS17 has helped medium and small insurers deliver this complex standard quickly and cost-effectively. We have built a highly referenceable client base from the US to New Zealand including Hastings Direct, Swan, Buruj, Fidelity Life. We could not have achieved this without the Cloud.
  • Hard Brexit Deadline: Brexit forced a well-known insurance and reinsurance firm to relocate a significant part of its business to Europe. This required a new finance system and a change of accounting policy, with the firm selecting Legerity’s Cloud-native FastPost Accounting Rules Platform. The Cloud enabled the rapid mobilisation of Legerity’s cost-effective SaaS managed service for project delivery and BAU operation. A hard deadline meant a 6-month window, all delivered remotely during the pandemic.
  • Cloud adoption and Data Ecosystems: FastPost has been the first deployment of a Cloud-based finance solution for many clients. This has helped firms advance their infosec policies and operating models to adopt SaaS solutions. We have also been pathfinders for integrating FastPost into our clients’ evolving data lake and data ecosystem architectures, including co-existence with technologies such as Snowflake.

Client testimonials include:

  • Simon Pennington, CFO at Fidelity Life: “When reviewing solutions in the market, we identified Legerity FastPost as one of the most complete and technically advanced IFRS17 solutions, and one that closely aligns to our requirements.”
  • Lisa Wardlaw, ex. CFO Farmers Insurance and Munich Re comments: “I was not only using Legerity for IFRS17 but leveraging it as the catalyst for taking accounting and finance beyond modernisation, to authentic and radical transformation.”

A huge thank you to InsuranceERM and the independent judging panel. We will take a moment to reflect on our achievement, but we’ve still much to do, helping firms meet the challenges of regulatory compliance and digital transformation.