Moody's Analytics today announced that Crédito Agrícola Vida (CA Vida), the life insurance arm of Portuguese financial group Crédito Agrícola, will use the RiskIntegrity for IFRS 17 solution to address the new IFRS 17 accounting standard.
CA Vida selected Moody's Analytics for our combined actuarial and financial reporting capabilities, the flexibility of our software-as-a-service deployment model, and our experience advising firms implementing new standards.
"There are many considerations when selecting a software vendor to address a new regulatory or reporting regime. Moody's Analytics delivers the capabilities, expertise, and experience we will need at each step of our IFRS 17 project," said António Castanho, Chief Executive Officer at CA Vida.
IFRS 17 brings fundamental changes across insurers' organizations. Meeting the new reporting deadline means implementing systems through which different teams can easily access all of the data required for their IFRS 17 calculations and reporting requirements. The RiskIntegrity for IFRS 17 solution comes with the capabilities required for an efficient implementation of the standard. It integrates seamlessly with an insurer's existing infrastructure-connecting data, models, systems, and processes between actuarial and finance functions-and supports the needs of actuaries, finance, and IT professionals.
"We continue to see demand from insurers across Europe for our RiskIntegrity for IFRS 17 solution, which reflects the depth and the breadth of our IFRS 17 offering," said Christophe Burckbuchler, Managing Director at Moody's Analytics. "We are pleased that CA Vida recognized our history helping insurance companies manage their risk, actuarial, and reporting needs, and we look forward to helping the firm prepare for the new standard."
About Moody's Analytics
Moody's Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody's Analytics, visit our website or connect with us on Twitter or LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody's Corporation reported revenue of $5.4 billion in 2020, employs approximately 11,400 people worldwide and maintains a presence in more than 40 countries.
About Crédito Agrícola Vida (CA Vida)
CA Vida was established in 1998 as the life insurance company of Crédito Agrícola Group, a Portuguese-based cooperative financial group which owns the largest branch network in Portugal and has more than 1.2 million customers. CA Vida is incorporated and domiciled in Portugal. It provides life insurance products and pension funds through the Group's retail network. Over the years CA Vida has introduced several innovative work methodologies, ensuring that the company remains at the forefront of the life business in Portugal, both in terms of modernity and in the quality of the service provided.
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