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Conquer Common Challenges: Modernise Your Insurance Data Collection

Data serves as the lifeblood of the insurance industry. Insurers gather diverse types of information from their clients, including contact details, financial records, medical data, and telematics information, social media posts, as well as data from insurers’ interaction with their clients. Insurers leverage the information retrieved to enhance risk management, claims processing, customer experience and

ISB Optimus Joins Insurance Institute of SA (IISA) as First Non-Insurance Member

ISB Optimus has become the first and only non-insurance entity to be admitted into the prestigious Insurance Institute of SA (IISA). This historic moment marks a revolutionary shift in the landscape of industry recognition, demonstrating that excellence knows no boundaries and transcends traditional limitations. Who is IISA The IISA is a registered non-profit organisation established

Product Release – OptiBot AP: The Cutting-Edge AI Assistant Revolutionising Efficiency and Productivity

OptiBot AP: The Cutting-Edge AI Assistant Revolutionising Efficiency and Productivity What is OptiBot AP Invoice Processing ? Streamlining your accounts payables procedure is more important than ever. Companies are digitising their processes to stay competitive in a world that values flexibility and data. Automation Account Payable invoice is the process of extracting data from incoming

IFRS 17 Rewrites Insurance Risk Management: From Risk to Resilience

IFRS 17 introduces a valuable level of transparency for Risk Managers within the Insurance sector, assisting them in more effectively overseeing risks and adopting proactive measures to mitigate them. Risk managers play a vital role in identifying, analysing, assessing and addressing risks for the insurer. The mitigation of risks aids the company in achieving their

ISB Optimus Corporate Social Responsibility Initiative In collaboration with Yenzani Children’s Home

As in the famous words of Cesar Chavez, “We cannot seek achievement for ourselves and forget about progress and prosperity for our community… Our ambitions must be broad enough to include the aspirations and needs of others, for their sakes and for our own.” As part of our Corporate Social Responsibility Strategy, we aim to

IFRS 17: The Disruptor in Insurance Accounting – How it Outperforms IFRS 4

There are exciting changes for the insurance sector. Insurers embracing the transition from the interim International Financial Reporting Standard 4 (IFRS 4) to IFRS 17 are benefiting in several ways. The benefits include better transparency of their financials and better collaboration amongst their internal departments for a smoother flow in the day-to-day functions as an organisation. Although many may consider IFRS 17 to be a disruptor, it brings with it many advantages for the insurance sector. IFRS 17 increases comparability in the insurers’ overall financial reporting as well as in the measurement of insurance contracts. It removes the existing inconsistencies and allows

The Untold Story: How Top Insurers Navigated IFRS 17 Challenges

“Where to begin?” Has been a pressing question for many insurers since the implementation of International Financial Reporting Standards (IFRS) 17 became mandatory for all insurance companies. The transition to IFRS 17 is most certainly a complex task that involves significant time, effort, and cost by companies to ensure they achieve value greater than just

Insider’s Scoop: Surprising impact on Insurance Reports!

The impact of IFRS 17 on insurance reports is a top concern for many insurers. IFRS 17 has resulted in various changes for the insurance industry, including how they execute business and reflect their financial reporting. The measurements used and the presentation of financials by insurers are guided by IFRS 17, and they differ vastly

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Demystifying IFRS 17: Understanding the Basics

Currently the insurance world is facing various changes to the industry. Insurers find themselves under the pressure to adopt innovative technologies with the acceleration in digital innovation as generative artificial intelligence gains momentum. Insurance companies’ finance functions are also undergoing major changes as companies transition from the interim International Financial Reporting Standard 4 (IFRS 4)