With IFRS 17 effective from 1st July 2022, there is only a limited window of opportunity for insurance companies to implement FPSL – an even tighter window considering the requirement to run comparative data ahead of this date. SAP customers in the financial services sector should be looking to commence their implementation projects as early as possible.
SAP FPSL is a multi-GAAP solution containing the Financial Service Data Platform, Smart Accounting for Financial Instruments and Profitability & Performance Management.
SAP FPSL is a centralized hub to manage the data between operational and finance streams. Additionally, FPSL is a multi GAAP compliant solution. SAP FPSL is deployed as an add-on to SAP S/4HANA and is therefore designed with a simplified core for large data volumes. FPSL is delivered to the user via a streamlined SAP Fiori interface.
FPSL is not just for insurance companies, but for the wider financial services industry, including banks, fintech and reinsurance companies.