Navigating Complexity
Generali Thailand's Successful IFRS 17 Implementation for Enhanced Transparency and Efficiency
About the Client
Generali Thailand is a subsidiary of the Generali Group, a prominent insurance company established in Italy in 1831. Generali Thailand has gained recognition in the Thai industry for its networking capabilities, sustainability practices, and global resources. The company offers a comprehensive range of insurance products and services to individuals and corporate clients. Embarking on efforts to comply with these standards to enhance its financial reporting practices and ensure alignment with international norms. The implementation of IFRS 17 aims to establish high-quality, understandable, enforceable, and globally accepted financial reporting standards for insurers, promoting transparency and comparability.
Services
Artha Value Add
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Cost Reduction
The retirement of legacy applications contributed to a reduction in licensed costs.
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Improved Comparability
The standardized processes enhanced comparability across different data sources and formats.
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Increased Transparency
Logging, auditing features, and error notifications improved transparency in data processes.
Challenges
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Data Transformation Complexity: Transforming data from nine source systems, including Life Asia, Policy Asia, PAS, GIS, ResQ, SunLife GL, Bonanza, Motif, and Prophet, into a standardized file format proved to be a complex task. -
Understanding FDS and TDS Documents: Reviewing and understanding complex FDS and TDS documents to decipher the data model, data flow, and transformations required significant effort.
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Compliance with IFRS 17 Specifications: Ensuring data transformation in compliance with the intricate specifications of IFRS 17 added an additional layer of complexity to the project.
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File Generation and Transfer: Generating various file types and sending them through secure FTP (sFTP) to the head office required meticulous planning and execution.
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ETL Process Compilation and Testing: Compiling ETL requirements, creating integrations, carrying out unit testing, and delivering test results demanded a high level of precision and coordination.
Results
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Over 100 Flows Implemented: Achieved the implementation of over 100 flows as part of the first deliverables in a short time.
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Reduced Licensed Costs: Successfully retired legacy applications, leading to a reduction in licensed costs.
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Improved Customer Satisfaction: Witnessed improved customer satisfaction ratings within the first phase of development.
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Collaboration Success: Established close collaboration with PWC, GT, and Artha to finish the required tasks within the given timeline.
Solution
Metadata Driven Framework
Created a framework enabling the usage of the same set of ETL processes for data ingesting and validation in each of the four ETL zones.
File Format Flexibility
Developed a collection of jobs to ingest various file formats using specified information.
Comprehensive ETL Processes
Created processes complying with IFRS 17 specifications to ingest data in various forms (Delimited, Excel, databases) and enabled email notifications for error records, facilitating quick review and rectification.
Logging and Auditing Features
Implemented logging and auditing features to enhance transparency and traceability.
Independent Flows
Introduced flows that could operate independently in various circumstances, ensuring flexibility in handling data abnormalities.
Metadata Driven Framework
Created a framework enabling the usage of the same set of ETL processes for data ingesting and validation in each of the four ETL zones.
File Format Flexibility
Developed a collection of jobs to ingest various file formats using specified information.
Comprehensive ETL Processes
Created processes complying with IFRS 17 specifications to ingest data in various forms (Delimited, Excel, databases) and enabled email notifications for error records, facilitating quick review and rectification.
Logging and Auditing Features
Implemented logging and auditing features to enhance transparency and traceability.
Independent Flows
Introduced flows that could operate independently in various circumstances, ensuring flexibility in handling data abnormalities.
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