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

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.