Shinkong Insurance Implements Wolters Kluwer CCH® Tagetik Expert Solution to Meet IFRS 17 Requirements
TAIPEI, May 4, 2023 /PRNewswire/ — Wolters Kluwer, a global leader in professional information, software solutions and services, today announced that Shinkong Insurance Co., Ltd. (SKI) has adopted its CCH® Tagetik expert solution to help drive compliance with IFRS 17, the newest International Financial Reporting Standards issued by the International Accounting Standards Board (IASB). SKI will also leverage CCH Tagetik to drive the digitization, accuracy, and timeliness of its financial management reports.
IASB’s IFRS 17 guidelines for insurance contracts came into effect on Jan. 1, 2023, and Taiwan is expected to officially implement this international standard in 2026. To facilitate this transition, SKI aims to integrate a sub-accounting system that complies with IFRS 17 so it can deliver accurate, compliant data, and reports in a timely manner. Following a critical evaluation of multiple vendors, SKI selected CCH Tagetik as the best software solution for accelerating this financial transformation. Taiwanese partner, Mercuries Data Systems Ltd. will serve as implementation partner for this project.
The CCH Tagetik expert solution provides standardized processes for data preparation, calculation, and accounts recording, reporting and disclosure, and it also integrates with external systems. CCH Tagetik is powered by the Analytic Information Hub, which centralizes all granular financial and operational data with process management to ensure internal alignment among businesses.
Key factors that influenced SKI’s selection of CCH Tagetik expert solution include:
- The platform features an intuitive interface which allows for user-friendly operation by financial professionals
- Its built-in functionality is powerful enough to meet the complex standards of IFRS 17 and flexible enough to support future upgrades
- The solution offers detailed financial reports to efficiently disclose complex financial information
Michael Chung, Greater China Managing Director, CCH Tagetik at Wolters Kluwer, said:
“With the Taiwanese deadline for compliance with IFRS 17 quickly approaching, companies must have in place advanced technology that can facilitate the smooth transition to these new reporting standards. We look forward to partnering with SKI as it implements the CCH Tagetik expert solution to support IFRS 17 compliance and drive the digital transformation of its financial operations.”
About Shinkong Insurance Co., Ltd.
Founded in May 1963, Shinkong Insurance Co., Ltd. (SKI) is one of Taiwan’s top three property insurance companies with 60 offices and nearly 1,700 employees. SKI provides corporates and individuals with a wide range of insurance solutions including fire insurance, motor insurance, engineering insurance, liability insurance, marine insurance, accident, and health insurance. SKI upholds its core value of “Fair Dealing” by applying fintech in its development of AI-powered customer service, underwriting, claims systems to improve operational efficiency, and developing diversified insurance products to meet social needs, in order to provide the public with the most complete protection and top-quality services.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.
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