Dubai: IFRS 17 is an International Financial Reporting Standard that replaced IFRS4 on accounting for insurance contracts and has been effective since 1st January 2023. The most significant feature of IFRS 17 is the audit trail – showcasing all the details like when things happened and who did them, helping us to see all the changes, calculations, and results.
Tamkeen, a Palestinian Insurance Company, provides an array of insurance services, including Motor and non-motor insurance services, and the company is now fully prepared to integrate SAM Corporate’s IFRS17 solution into its business operations.
SAM Corporate is a Global FinTech leader in Corporate Performance Management (CPM) and digital finance space in the Middle East, combining its winning strategy of solution domain expertise, skilled advisory team, and experience in implementing a large number of projects in different industry segments. With a deep and long history in the finance sector, SAM Corporate has sought out a best-in-class solution provider.
“Accomplishing this task presented significant challenges stemming from various requirements whether its calculations or disclosures. I extend my gratitude to our expert team who led the planning and implementation within the stipulated timeframe.
I also wish to acknowledge that our success is a collaborative result, facilitated by the professional services of Allied Actuarial Consultancy Company, SAM Corporate, and eFrame, the solution from Cleversoft. We successfully implemented the new IFRS17 standards in due time.
While we initially contemplated selecting the optimal solution, I can now affirm that it stands as one of the most successful choices in our journey towards IFRS17 compliance, and our positive impression that was created by SAM Corporate’s team at the early stages of our project was right.”, says Mr. Mohammad Alremawi – GM Tamkeen Insurance.
“Highlighting the significance of International Financial Reporting Standard 17 (IFRS 17) on actuarial services within the region, the key difficulty arises from the need to precisely depict liabilities while maintaining consistent measurement. This underscores the essential requirement for a comprehensive grasp of IFRS principles.
Our successful navigation of this challenge has been made possible through effective cooperation with our valued client, Tamkeen, and the innovative solution delivered by our esteemed partner, SAM Corporate”, says Mr. Ala Karrain, Managing Director of Allied Actuarial Consultancy (AAC).
“SAM Corporate has become a name as trusted Advisor in the Insurance digital transformation domain. Every day we are supporting BFSI in the region, in choosing the right solution for a smooth transition to a safe automation of their business.
Therefore, we are proud that Tamkeen Insurance, a renowned Insurance Company in Palestine, took the right decision to go with our triangular partnership. Being one of the first Insurance Companies going live, delivering the mandatory IFRS17 reports in time, must give the regulators, and their customer base the guarantee that they can rely on a professional and trusted associate.
Their achievement will encourage others to follow their trace… to be successful”, says Mr. Marc Gillis, CEO of SAM Corporate.
