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PT Tugu Reasuransi Indonesia (TuguRe) has commenced the transition to implement new reporting standards, namely International Financial Reporting Standard (IFRS) 17 and Application of Statements of Financial Accounting Standards (PSAK) 74. TuguRe's Finance Director, Drajat Irwansyah, stated that the company took the initiative to anticipate PSAK 74, which will be effective from January 2025.
In a written statement on Tuesday (4/4/2022), Drajat explained that being able to meet the new reporting standard nearly three years before its implementation would be a competitive advantage for any insurance company. TuguRe expects the transition process to proceed smoothly, allowing them to provide more optimal services to their partners.
IFRS 17 and PSAK 74 are aimed at enhancing transparency and comparability in financial reporting and are expected to bring about significant changes throughout the insurance industry. The key changes introduced by these standards involve treating insurance premium income as a liability rather than a direct gain. The resulting complexity and rigor in calculations and reporting will necessitate local insurance companies to revamp their accounting standards and processes.
Drajat emphasized that a seamless transition to PSAK 74 would enable TuguRe to better serve its customers. To facilitate this transition, TuguRe has decided to collaborate with SAS, a company specializing in analytics and artificial intelligence (AI). Drajat expressed confidence in SAS as the right partner for this transition, given their extensive experience in providing solutions to insurers worldwide.
SAS offers IFRS 17 solutions that support users in various tasks such as data management (ETL), cash flow calculations, contractual service margins (CSM), journal entries, and disclosure reporting. These solutions provide local insurers with a comprehensive and robust alternative for customized solutions, resulting in cost savings and reduced work hours. Furthermore, they ensure swift compliance with PSAK 74 well in advance of its effective date.
Febrianto Siboro, Managing Director of SAS Institute Indonesia, stated that many overseas insurance companies have already utilized SAS's IFRS 17 solution. He highlighted that SAS empowers insurance companies to protect their investments in actuarial, accounting, and related solutions by integrating the core capabilities of IFRS 17, ranging from data orchestration and analytics to risk and profitability reporting.
Febrianto added that SAS offers solutions that help organizations stay ahead of IFRS 17 requirements for compliance without compromising visibility. With cost-effective and customized solutions, organizations can avoid unnecessary expenses and delays in PSAK 74 compliance while significantly reducing the computational load associated with the new reporting guidelines.
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