Phoenix Life boosts IFRS 17 readiness with Oracle

Phoenix Life, part of the Phoenix Group, has selected Oracle Financial Services Analytical Applications (OFSAA) to drive better operational efficiency and data governance.

The Oracle technology will also be key in helping the savings and retirement business efficiently meet the new International Financial Reporting Standard (IFRS 17) taking effect from January 2023.

Phoenix Life is currently onboarding the Oracle IFRS 17 Analyzer as a priority to meet the new accounting standard. The application is pre-built with a set of computations, rules and disclosures, built by actuaries and in-house accountants which will speed Phoenix Life’s ability to adopt and adhere to the principles set by the standard.

As the company is already running Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Cloud Human Capital Management (HCM) on Oracle Cloud Infrastructure, the integration of Oracle Financial Services Analytical Applications should provide a seamless link between actuarial and accounting functions and solutions.

“Our industry already relies on fast and robust information exchange, and IFRS 17 brings a significant step up in the volume of data transfer required for financial reporting,” said Iain Macintyre, IFRS 17 programme lead for the Phoenix Group.

“We’re currently bringing together a number of different systems following the acquisition of Standard Life Assurance, and we were conscious that we needed everything integrated, up-and-running, and fully compliant with the new IFRS 17 standard."

Approximately 10 million policies and £248 billion of assets are held by the group's life companies, including Standard Life Assurance. It will also shortly finalise the acquisition of ReAssure – adding around 4 million more policies.

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