BMC Control-M Drives Seamless IFRS 17 Implementation for ASEAN Insurance Giant
Case Study

Overview

Tech Mahindra partnered with a leading Southeast Asian insurance provider to streamline its compliance with IFRS 17 regulations. By automating data workflows and ensuring accurate reporting, the solution empowered the client to meet stringent regulatory requirements efficiently.

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Client Background & Challenges

The client, a prominent insurance provider operating across 24 Southeast Asian markets, faced significant challenges in achieving compliance with IFRS 17. These included managing and integrating large volumes of data from multiple sources, ensuring rigorous data quality validation for accurate reporting, and meeting stringent regulatory timelines for audits and approvals. Additionally, the existing manual processes for data validation and approval resulted in inefficiencies, delays, and an increased risk of errors, further complicating their compliance efforts.

Our Approach and Solution

Tech Mahindra implemented a comprehensive solution leveraging BMC Control-M and BMC Helix Remedyforce ITSM. Key highlights of the approach include:

  • Integration of IFRS 17 workflows using BMC Control-M Application Integrator.
  • Automated data quality validation and approval through BMC Helix Remedyforce ITSM.
  • Seamless orchestration of workflows, databases, and ETL processes to ensure accurate and reliable reporting.
  • Email-based approval mechanisms to reduce approval cycle time and eliminate manual intervention.

Business and Community Impact

  • Enhanced Compliance: Achieved timely IFRS 17 implementation, meeting all compliance and audit requirements.
  • Operational Efficiency: Automated monitoring workflows, minimizing manual delays and intervention.
  • Improved Data Quality: Implemented automated mechanisms to validate and approve data, reducing errors.
  • Reduced Penalties: Minimized the risk of non-compliance with IFRS 17 regulations.
  • Revenue Growth: Increased business-related revenue by optimizing workflow orchestration.
  • Streamlined Approvals: Reduced cycle times for job approvals with an email-based process.
  • Tech Mahindra’s tailored solution ensured the client met regulatory deadlines while enhancing operational agility and financial transparency.