FastPost Express helps New Zealand’s most extensive locally-owned life insurer work towards IFRS17 compliance.
LONDON — Fidelity Life, New Zealand’s largest locally-owned life insurer, has selected Legerity’s FastPost Express for IFRS17 solution to help it transition to the new International Financial Reporting Standard (IFRS17).
Fidelity Life has embarked on a bold transformation to reimagine life insurance for New Zealanders. Underpinned by a relentless customer focus and a digital-first mindset, the change aims to deliver sustainable growth, build trust, and help Fidelity Life deliver on its promise of protecting New Zealanders’ way of life.
IFRS17 takes effect from January 2023 and is one of the most significant changes to accounting in the insurance sector in years.
FastPost Express for IFRS17 is an award-winning accounting rules platform. SaaS-delivered with best practice, out-of-the-box configuration, provides a fast and effective route to deliver this new complex accounting standard for all sizes of life, general, and reinsurance firms.
Simon Pennington, Chief Financial Officer at Fidelity Life, commented: “When reviewing solutions in the market, we identified Legerity FastPost as one of the most complete and technically advanced IFRS17 solutions, and one that closely aligns to our requirements. Legerity has quickly established themselves as a trusted partner, and we have been impressed with their deep knowledge and flexible, supportive approach.”
Jeremy Wood, CEO at Legerity, adds, “We are delighted to have entered into this partnership. Fidelity Life is undergoing a whole-of-business transformation while navigating fast-changing regulatory, technology, and customer landscapes. FastPost provides Fidelity Life with a highly scalable platform to deliver both IFRS17 accounting change and support wider finance transformation initiatives.”
About Fidelity Life
Fidelity Life is all about giving New Zealanders certainty to enjoy a more rewarding life. We’re New Zealand’s largest locally-owned life insurer and 2017, 2018, and 2019 ANZIIF New Zealand Life Insurance Company of the Year. We’ve paid more than $1.2 billion in claims since we were founded in 1973, employ around 290 people, and distribute our products through a network of 2,000+ financial advisers and distribution partners.
Legerity helps clients deliver digital finance transformation and complex accounting change. FastPost Express is an enterprise-grade, SaaS-delivered IFRS17 solution that won InsuranceERM’s IFRS17 Solution of the Year award in February 2021.