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FIS and Lux Actuaries Forge New Alliance to Drive IFRS 17 Compliance in the Gulf

 

In the drive to help the Gulf Cooperation Council (GCC) region adopt the new accounting standard for insurance contracts, Lux Actuaries & Consultants, the UAE based independent actuarial consultancy, has formed a strategic partnership with FIS’ Prophet team. Together, FIS and Lux will offer GCC clients a unique combination of technology and services that meets all their actuarial and IFRS 17 requirements.

Despite another year’s delay to the standard’s introduction, now slated for January 2023, regulators in the GCC are eager for local insurers to start implementing IFRS 17. Given the operational complexities involved, they also recognize the importance of providing expert guidance and hands-on help.

With an official accreditation for using Prophet GI and consulting on our actuarial risk modeling solution suite, Lux is an ideal partner for FIS as we continue to support IFRS 17 implementation projects around the world.

Shivash Bhagaloo, Executive Director, Lux Actuaries & Consultants, says, “The strategic partnership between Lux and FIS tailors a powerful IFRS 17 service offering to the nuances of the GCC market. We are proud to collaborate with the Prophet team on helping add value for our clients on their road toward full compliance and, even more importantly, support thereafter.

Following the recent training program at our Dubai offices, delivered by FIS, our team continues to build its knowledge of and expertise in Prophet. We remain focused on creating best-in-class actuarial resources that can support clients through regulatory change and provide a strong foundation for their insurance business.”

Martin Sarjeant, Head of Product Strategy, Insurance, FIS, says, “Even in the current health crisis, it is business as usual for the international rollout of IFRS 17. Through Prophet’s first formalized relationship in the Middle East, we are delighted to work alongside Lux Actuaries and Consultants, and excited about supporting clients across the region in their journey to compliance.”

 

Raghav Ohri, FIA, Senior Consulting Actuary

As a Senior Consulting Actuary at Lux, Raghav pursues a General and Health Insurance Actuarial focus. As a Fellow Actuary, Raghav acts as Appointed Actuary to insurers in the UAE and is part of the IFRS 17 leadership team at Lux. He has built his experience in pricing, reserving and financial condition reporting. He has worked with the several local and international insurers in the GCC and continues to pioneer thought leadership within Lux. Raghav is the current Secretary of the Gulf Actuarial Society.

Noman Zafar, ASA, Consulting Actuary

As a Consulting Actuary at Lux, Noman leads the Life services offering. He joined Lux in early 2019 from a leading UAE composite insurer where he was head of Actuarial, ERM and Life Operations. He supplements his Life expertise with a growing General Insurance knowledge base through working under Appointed Actuaries at Lux. He is a key part of the IFRS 17 leadership team and focuses on growing the resource base that is the broader team.