Top South American insurer takes on IFRS 17 in the cloud
Leading Insurer Selects FIS for Regulatory ReadinessMay 24, 2024
At a glance
Objective
Prepare for the IFRS 17 accounting standard and reporting requirements while managing risk with more control and efficiency.
FIS Solutions
Results
Reduced TCO and efficient management of increasingly sophisticated models within a secure, cloud-hosted, high-performance solution.
Impact
Efficiently managing complex new calculations while demonstrating more connected and controlled processes, Porto ensured its readiness for IFRS 17. Porto reduced its TCO and risk by securely hosting the high-performance solution via FIS in the cloud.
Founded in 1945, Porto Seguro S.A. is a leading insurance provider in Brazil and Uruguay, offering coverage for life, health, worker's compensation, automobile, fire, theft and property.
Under the International Financial Reporting Standard (IFRS 17) for accounting, Porto must manage complex new calculations and demonstrate more connected and controlled processes for creating key metrics. Porto has selected FIS® as its partner for meeting the actuarial modeling and reporting requirements.
With prebuilt models, centralized calculations, embedded data management and process automation, FIS Insurance Risk Suite (formerly Prophet) ensures Porto will keep pace with regulatory changes while managing risk with more control and efficiency.
Porto chose FIS to host the solution in a secure, high-performance cloud environment, enabling the insurer to lower its total cost of ownership and manage increasingly sophisticated models.
“We are delighted to join forces with FIS to implement IFRS 17 and meet its modeling and reporting requirements. With the Insurance Risk Suite managed for us in the cloud, we have a world-class tool to help us better manage our business and achieve compliance.”
Large European Bank
Life Insurance Leader
Leading Global Insurance and Investment Company
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