Hotai Insurance adopts CCH® Tagetik expert solution from Wolters Kluwer to meet IFRS 17 requirements

Rhea-AI Summary

Hotai Insurance has selected CCH® Tagetik to meet IFRS 17 requirements, enhancing its financial reporting capabilities. This partnership aims to streamline data processes ahead of the January 1, 2023, deadline for IFRS 17 adoption, with full implementation expected in Taiwan by 2026. CCH® Tagetik has been recognized as a leader in the 2022 IFRS 17 Market Update by Chartis Research. The solution will assist with data preparation, calculation, and reporting, supporting Hotai's five subsidiaries across various insurance sectors.

Positive

• Hotai Insurance's adoption of CCH® Tagetik will enhance data reporting and compliance with IFRS 17, expected to improve operational efficiency.
• CCH® Tagetik recognized as a leader in the 2022 IFRS 17 Market Update by Chartis Research, validating its effectiveness.

Negative

• None.

CCH® Tagetik evaluated as best solution to accelerate financial transformation in the light of impending changes to reporting standard requirements

TAIPEI, Taiwan, May 24, 2022 /PRNewswire/ -- Wolters Kluwer, a global leader in professional information, software solutions and services, today announces that Hotai Insurance has adopted CCH® Tagetik IFRS 17 expert solution to meet the requirements of IFRS 17 and automate its data processes for timely reporting. The project will be jointly led by the Taiwanese partner, Anhou Enterprise Management Co.

Hotai Insurance has five subsidiaries throughout Taiwan, specializing in various types of property, automobile, fire, cargo, engineering, liability, injury and health insurance.

IFRS 17 goes into effect on January 1, 2023, and it is expected that Taiwan will officially implement this international standard in 2026. Following a critical evaluation of various vendors, Hotai recognized the complexity and challenge of the IFRS 17 requirements, and selected CCH® Tagetik as the best software solution for accelerating its related financial transformation.

Recently recognized by industry analyst Chartis Research as a leader in their 2022 IFRS 17 Market Update and Vendor Landscape report, the CCH® Tagetik IFRS 17 software solution provides a standard process for data preparation, calculation and recording of accounts, reporting and disclosure, including integrating external systems.

"With the deadline approaching, it is critical for clients to have a professional system that can facilitate the smooth transition to IFRS 17," said Michael Chung, General Manager of Greater China, CCH® Tagetik at Wolters Kluwer. "We are delighted to be partnered with Hotai Insurance and look forward to our journey together.''

CCH® Tagetik is a global expert solution that enables digital transformation in the office of the CFO, providing a strategic and intelligent platform for financial close & consolidation, financial & operational planning, and regulatory compliance. With its proven regulatory compliance expertise and the broadest range of regulatory products, addressing different requirements from Solvency II, IFRS, to Lease Accounting and more, CCH® Tagetik helps global enterprises to keep pace with proliferating and increasingly complex regulations. 

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.

Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

Media Contacts:

Beatriz Santin                                                                                                  
CCH® Tagetik                                                                                                    
+1 339 229 2447 office                                                                                         
beatriz.santin@wolterskluwer.com  

Jackie Hyland 
CCH® Tagetik   
+984-218-5410 office                                                              
jackie.hyland@wolterskluwer.com           

View original content:https://www.prnewswire.com/news-releases/hotai-insurance-adopts-cch-tagetik-expert-solution-from-wolters-kluwer-to-meet-ifrs-17-requirements-301552786.html

SOURCE Wolters Kluwer

FAQ

What is CCH® Tagetik's role in Hotai Insurance's financial transformation regarding IFRS 17?

CCH® Tagetik has been adopted by Hotai Insurance to meet IFRS 17 requirements, automating data processes for timely financial reporting.

When does IFRS 17 go into effect in Taiwan?

IFRS 17 is set to take effect on January 1, 2023, with full implementation in Taiwan expected by 2026.

Who recognized CCH® Tagetik as a leader in the IFRS 17 Market Update?

CCH® Tagetik was recognized as a leader by Chartis Research in their 2022 IFRS 17 Market Update and Vendor Landscape report.

How many subsidiaries does Hotai Insurance have?

Hotai Insurance operates five subsidiaries in Taiwan, specializing in various types of insurance.

What are the benefits of adopting CCH® Tagetik for Hotai Insurance?

CCH® Tagetik will streamline financial reporting processes, ensuring compliance with IFRS 17, enhancing efficiency and accuracy.