27/06/2021
ESKADENIA showcased its adoption of the IFRS17 insurance standards at the "IFRS17 – Insurance Contracts" Event
ESKADENIA Software, a leading provider of best-in-class business systems that accelerate digital transformation, participated in the "IFRS 17 – Insurance Contracts" seminar. The goal of this three-day event was to discuss and explore the financial, technical, and technological requirements for implementing IFRS17 on insurance companies’ financial systems and present practical cases of implementing the standard. The event was organized by the Jordan Insurance Federation (JIF) and attended by key insurance companies and the leading IT software providers in the region. The seminar took place at the Kempinski Hotel in Aqaba, Jordan, from 22 to 24 June 2021.
IFRS 17 is the newest IFRS standard for insurance contracts. It is aimed to facilitate secure data exchange and information sharing among insurance professionals. The new standard brings about significant updates to the mechanism of creating contracts and presenting financial statements, disclosures, and key performance indicators in the insurance industry.
The event featured a presentation by ESKADENIA on how the company has adopted the “Integrated IFRS17” solution approach to meet the new compliance requirements for financial and insurance data, systems, and processes. ESKADENIA’s Insurtech professionals also demonstrated how the company has built these requisite capabilities by developing a dynamic engine for this purpose. The software engine processes data from various sources such as core insurance and financial systems and outputs the result in the required IFRS17-compliant format.
ESKADENIA Software consistently adheres to the latest trends in technology and the insurance industry standards. This is reflected in its fully digitized insurance systems and services designed specifically to fulfill insurers’ dynamic and diverse business needs. ESKADENIA’s own insurance software suite, ESKA Insures, provides insurance enterprises with a wide range of capabilities to enable them streamline their operations and serve their customers effectively. ESKA Insures comprises systems for the various general, life, health, travel, and credit/trade insurance business lines. It consists of systems for policy administration, claims processing, sales and customers’ management, financial operations, along with portals and mobile apps for agents, brokers, and customers.
About Jordan Insurance Federation (JIF)
Jordan Insurance Federation was officially founded following a Royal Decree issued in 1989, with its regulation having been set out to function as a professional entity for the insurance sector as per specified objectives defined by this regulation, to be achieved in cooperation with the Insurance Commission. The foundation was initially established in 1956 as the Jordan Association for Insurance Companies, serving as the first entity for representing the insurance sector and aims to develop insurance in Jordan. In 1987, the Unified Insurance Office was created for automobile insurance, commencing operations under the Association. For more information, visit: www.joif.org
About ESKADENIA Software
ESKADENIA® Software is a three-time MENA award winner company, with CMMI level 5 competencies, that is active in the design, development, and deployment of a range of software products in the Telecommunications, Insurance, Enterprise, Education, Healthcare, and Internet application areas. The company is based in Jordan and has sales activities in Europe, the Middle East and Africa; more than 85% of its sales are exported to the global market. ESKADENIA Software is a customer-oriented organization that assists enterprises and promotes businesses by use of highly effective IT strategies, solutions and tools. With a customer retention rate of over 90% in more than 25 countries, ESKADENIA endeavours as a team to augment quality and customer gratification, build up perseverance, and foster innovation. ESKADENIA Software positively contributes and strongly believes in the crucial role of businesses in the development of their communities. For more information, visit www.eskadenia.com, or contact us at pr@eskadenia.com.
ESKADENIA® Software is a three-time MENA award winner company, with CMMI level 5 competencies, that is active in the design, development, and deployment of a range of software products in the Telecommunications, Insurance, Enterprise, Education, Healthcare, and Internet application areas. The company is based in Jordan and has sales activities in Europe, the Middle East and Africa; more than 85% of its sales are exported to the global market. ESKADENIA Software is a customer-oriented organization that assists enterprises and promotes businesses by use of highly effective IT strategies, solutions and tools. With a customer retention rate of over 90% in more than 25 countries, ESKADENIA endeavours as a team to augment quality and customer gratification, build up perseverance, and foster innovation. ESKADENIA Software positively contributes and strongly believes in the crucial role of businesses in the development of their communities. For more information, visit www.eskadenia.com, or contact us at pr@eskadenia.com.
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