Hastings Group, an agile, data and digitally focused general insurance provider to the UK car, van, bike and home market, has selected Legerity's FastPost Express for IFRS17 solution to help it transition to the new International Financial Reporting Standard (IFRS17). The new standard takes effect from January 2023 and is one of the most significant changes to accounting in the insurance sector in years.
FastPost Express for IFRS17 is a third generation accounting rules cloud platform. SaaS delivered with best practice, out of the box configuration, it provides a fast and effective route to deliver this new complex accounting standard for all sizes of general, life and reinsurance firms.
"We undertook a rigorous evaluation exercise before selecting Legerity," commented John Worth, Group CFO at Hastings Group. "With our ambitious growth plans, and commitment to digital leadership through embracing new technology, we found the ideal partner in Legerity. The FastPost cloud solution should help us deliver IFRS17 efficiently plus supports our future growth plans through its scalable modern architecture."
Jeremy Wood, CEO at Legerity, adds "we are delighted to have entered into this long term business partnership with Hastings Group. As a digital insurer, committed to the cloud and the use of modern technology, FastPost is the ideal platform for Hastings. We have quickly established a great working relationship, and with Hastings commitment to colleagues and support of the community, our corporate cultures closely align."
