Habib Insurance Partners with Prima Consulting for Delta IFRS 17 Software Implementation

Habib Insurance is set to elevate its financial reporting by adopting Prima Consulting's Delta IFRS 17 software, ensuring seamless compliance with global standards and enhancing transparency across the board.

Karachi, Pakistan – August 22, 2024: Habib Insurance, a respected name in Pakistan's insurance industry, has partnered with Prima Consulting to implement its Delta IFRS 17 software.

This collaboration highlights Habib Insurance’s dedication to meeting new regulatory standards and improving its financial reporting capabilities.

By adopting Prima Consulting's Delta IFRS 17 software, Habib Insurance is taking a significant step forward in the insurance sector.

This partnership will help the company align with the global IFRS 17 standard, which brings substantial changes to how insurance contracts are reported.

With the SECP mandating IFRS 17 compliance by January 1, 2026, Habib Insurance is positioning itself as a leader in financial transparency and regulatory compliance.

This partnership will help the company align with the global IFRS 17 standard, which brings substantial changes to how insurance contracts are reported.

The Delta IFRS 17 software is designed to meet the specific needs of Pakistan's insurance industry. It handles everything from generating underlying cashflows to calculating reserves and adjusting for risk.

The software also integrates seamlessly with existing accounting systems, ensuring complete and accurate financial reporting, including all relevant general ledger entries.

The Delta IFRS 17 software is designed to meet the specific needs of Pakistan's insurance industry. It handles everything from generating underlying cashflows to calculating reserves and adjusting for risk.

This comprehensive IFRS 17 solution not only addresses insurance accounting but also ensures compliance with stringent insurance standards.

The signing ceremony took place at the historic P&O Plaza office of Habib Insurance, which has been recently renovated while preserving its original charm.

Attendees from Habib Insurance included

• Syed Ather Abbas, CEO
• Shabbir Gulamali, Executive Director
• Murtaza Hussain, CFO

Attendees from Prima Consulting included

• Sumar Sayani, Director?AI?& Technology
• Ibrahim Ahmed Zahidie, Director Advisory & Transformation
• Shabih Ahmed Arif, Director Actuarial services

This collaboration is expected to significantly enhance Habib Insurance's market presence. The integration of Prima Consulting's Delta IFRS 17 software will not only help meet regulatory requirements but also boost financial transparency, giving Habib Insurance a competitive advantage.

As a result, Habib Insurance will be well-equipped with advanced tech solutions and digital products to navigate the complexities of the evolving insurance landscape.

About Habib Insurance

Founded in 1942 by the Habib Family, Habib Insurance is Pakistan's oldest and most established insurance company.

Known for its strong foundation of integrity and trust, the company offers a wide range of insurance products for individuals and businesses.

With a reputation for swift claims settlement and tailored insurance policies, Habib Insurance has always stood by its clients, ensuring they get the support they need during difficult times.

As part of the globally recognized Habib Group, the company continues to lead the way in Pakistan’s insurance sector.

• Visit Habib Insurance's Website
• Get in touch with Habib Insurance Contact Page

About Prima Consulting

Prima Consulting is a leading financial and risk management consultancy, serving businesses across the Middle East, North Africa, and Pakistan.

With a team of seasoned experts offering over 50 years of combined experience, Prima Consulting provides tailored solutions in consultancy, technology, and managed services.

The firm is known for its practical insights and proven success in helping clients tackle challenges like IFRS 17 compliance, optimizing their operations, and ensuring robust financial management.

Their IT solutions, including the Delta IFRS 17 tool, are specifically designed to meet the unique needs of the insurance industry, making them a top choice for businesses aiming to thrive in today’s competitive environment.

• Visit Prima Consulting's Website
• Get In Touch

Source: https://primaconsulting.org/habib-insurance-prima-consulting-delta-ifrs-17-software/