Insight & Analysis

Press release: Fidelity Life selects Legerity’s IFRS17 SaaS solution

Published: Dec 2021

6th December 2021 – 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).

Newspaper press release

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 transformation 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, it 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.”

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