Magma General Insurance Achieves IFRS 17 Compliance with FIS

Efficiently navigating new compliance requirements

Magma General Insurance partners with FIS to unlock an end-to-end solution for IFRS 17 compliance

At a glance

FIS products

FIS Insurance Risk Suite – Prophet GI

FIS Insurance Risk Suite (formerly Prophet)

Objectives

Implement advanced technologies to meet IFRS 17 compliance disclosure and reporting requirements efficiently.

Results

The implementation will enable Magma to achieve full IFRS 17 compliance efficiently and effectively. Prophet GI will streamline financial reporting processes, enhance data accuracy and reduce operational risks associated with manual interventions.

Impact

With Insurance Risk Suite – Prophet GI, Magma will benefit from:

Precise fulfilment of cash flow projections
A full production environment for accurate calculations
Accurate financial statements
Full governance and end-to-end data connectivity to downstream systems

The client

Magma General Insurance Limited (formerly Magma HDI General Insurance Company Limited) is an established leader in the Indian insurance market. Founded in 2012, Magma has earned a reputation for its innovative, customer-centric approach to providing insurance solutions. Committed to building long-term relationships and delivering transparent, reliable services, Magma continuously invests in technology to enhance policyholder experiences.

The challenge

The transition to IFRS 17 required reevaluating processes, strengthening governance and implementing advanced technologies to meet disclosure and reporting requirements efficiently.

The solution

After a comprehensive evaluation, Magma selected FIS® as its partner to implement the IFRS 17 solution. FIS was chosen for its proven expertise and solutions, trusted reputation and established presence in India. The fact that FIS was able to offer an integrated approach with a single-platform solution for reserving and modeling, and compliance was also noted as a standout factor in the decision.

FIS insurance risk solutions help navigate complex regulations, mitigate risks and make capital work harder.

“FIS’ expertise and proven track record in the life and general insurance sectors were clear from the start. Their industry leading solutions, including being first to market with a comprehensive IFRS 17 offering, highlight their commitment to innovation and leadership. FIS provided us with the confidence and clarity needed to navigate complex challenges with ease.”
Gaurav Parasrampuria, Chief Financial Officer, Magma General Insurance Limited

“Magma’s collaboration with FIS was driven by their clear expertise and client-centric approach. Their ability to offer an integrated, innovative solution exceeded our expectations. With FIS by our side, we feel confident moving forward under the IFRS 17 framework.”
– Gaurav Parasrampuria, Chief Financial Officer, Magma General Insurance Limited

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Solutions

FIS SOLUTIONS

FIS Insurance Risk Suite

Our technology powers the global economy across the money lifecycle.

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