Wolters Kluwer today announced the selection of CCH® Tagetik by IFFCO Tokio General Insurance Company Limited. Wolters Kluwer is a worldwide leader in professional information, software and services. IFFCO Tokio is one of the leading general insurers in India. The insurer will use the platform for compliance with Ind AS 117 (IFRS 17). It will also cover disclosure reporting requirements and wider finance transformation initiatives. Report Ind AS 117 and Ind AS 116 on one platform using CCH Tagetik’s built-in disclosure capabilities.
This comes as the Indian insurance industry prepares itself for adoption of Ind AS 117. The standard is India’s insurance contracts accounting standard, which is aligned with IFRS 17. Its aim is to improve transparency, comparability and governance among insurers. This means that insurers now need reliable systems that can meet the new reporting requirements.
Nishant Vyas, General Manager of CCH Tagetik India at Wolters Kluwer, explained the thinking behind the deal.
“As insurers address increasingly complex reporting needs, the ability to bring multiple standards onto a single platform becomes essential,” said Nishant Vyas, General Manager of CCH Tagetik India at Wolters Kluwer. “We are pleased to support IFFCO Tokio with a solution that strengthens transparency, simplifies disclosures, and enhances financial governance.”
A Single Source for Compliance and Performance
CCH Tagetik will be IFFCO Tokio’s single, integrated platform. The platform will cover Ind AS 117, Ind AS 116, disclosures and financial reporting. This will replace the fragmented reporting processes with a connected framework. This framework improves data accuracy, transparency and governance.”
IFFCO Tokio also liked CCH Tagetik for its systematic and consistent treatment of financial data. It works across multiple regulatory requirements. The unified platform will also help facilitate disclosures. It will also improve the accuracy of reporting across Ind AS requirements .
With CCH Tagetik, IFFCO Tokio will:
- Deliver compliant Ind AS 117 and Ind AS 116 reporting through an integrated framework
- Streamline disclosure and regulatory reporting processes within a single system
- Strengthen data consistency, governance, and audit readiness
- Establish a reliable and unified data foundation for financial reporting
- Enable finance teams to focus on analysis and reporting efficiency
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News Source: Businesswire.com
