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Two professionals, identified as Faisal Khan (CEO of IGI Insurance) and Ibrahim Zahidie (Director Advisory & Transformation at Prima Consulting), are shaking hands in the foreground of a conference room. Behind them stand four individuals: Shabih Ahmed Arif (Director Actuarial Services), Sumar Sayani (Director AI & Technology), Syed Awais Amjad (CFO), and Murtaza Feroz Jandga (Finance Controller) from IGI Insurance and Prima Consulting. They are all facing the camera with obscured faces for privacy. The setting suggests a formal business agreement or partnership.
September 5, 2024

IGI Insurance Leverages Prima Consulting's Delta IFRS 17 Software to Streamline Operations and Ensure Compliance

IGI Insurance has teamed up with Prima Consulting to adopt Delta IFRS 17 software, a state-of-the-art solution that streamlines financial reporting and ensures compliance with IFRS 17.

Karachi, Pakistan – September 5, 2024 – IGI Insurance, a leading insurance provider in Pakistan, has partnered with Prima Consulting, a renowned financial and risk management consultancy, to implement Delta IFRS 17 software.

This cutting-edge solution will significantly enhance IGI Insurance's financial reporting capabilities and ensure compliance with the International Financial Reporting Standard (IFRS) 17.

As the Securities and Exchange Commission of Pakistan (SECP) mandates IFRS 17 adoption by January 1, 2026, IGI Insurance is taking proactive steps to meet these regulatory requirements.

Delta IFRS 17 software will provide the company with a robust and efficient tool to accurately calculate contractual service margin, estimate risk adjustment, and generate the necessary accounting entries.

Key representatives from both organizations were present at the signing ceremony, including:

From IGI Insurance

The image captures a formal business setting where two individuals, identified as Faisal Khan (CEO of IGI Insurance) and Ibrahim Zahidie (Director Advisory & Transformation at Prima Consulting), are seated at the forefront with documents on the table, symbolizing a partnership agreement. Behind them stand four professionals: Shabih Ahmed Arif (Director Actuarial Services at Prima Consulting), Sumar Sayani (Director AI & Technology at Prima Consulting), Syed Awais Amjad (CFO of IGI Insurance), and Murtaza Feroz Jandga (Finance Controller at IGI Insurance). All individuals are professionally dressed, and the setting suggests a significant corporate event.
Executives from IGI Insurance and Prima Consulting formalize their partnership for enhancing financial reporting compliance with the innovative Delta IFRS 17 software.

From Prima Consulting

The image captures a significant moment where Faisal Khan, CEO of IGI Insurance, and Ibrahim Zahidie, Director Advisory & Transformation at Prima Consulting, are seated at a table signing documents to formalize their partnership. Behind them stand Shabih Ahmed Arif, Director Actuarial Services at Prima Consulting; Sumar Sayani, Director AI & Technology at Prima Consulting; Syed Awais Amjad, CFO of IGI Insurance; and Murtaza Feroz Jandga, Finance Controller at IGI Insurance. The individuals’ faces are not visible. The setting suggests a professional environment with artwork on the wall, indicating the importance of the event.
Executives from IGI Insurance and Prima Consulting sign partnership documents to advance financial reporting compliance with IFRS 17 using Prima’s Delta software.

This partnership aligns with IGI Insurance's commitment to innovation and operational excellence. Adopting Delta IFRS 17 software will give the company a competitive advantage and better serve its customers.

Delta IFRS 17 software offers a range of benefits, including:

  • Improved accuracy and efficiency: Automated calculations and processes reduce errors and streamline operations.
  • Enhanced data quality: Consistent and accurate data ensures reliable financial reporting.
  • Increased transparency: Clearer insights into financial performance enable informed decision-making.
  • Reduced risk: Automated processes and improved data quality minimize regulatory penalties and financial losses.

About IGI Insurance

Founded in 1953, IGI Insurance is one of Pakistan's leading non-life insurance providers, offering comprehensive insurance solutions across various sectors, including motor, health, fire, marine, and travel.

With a commitment to financial strength and customer-centric services, IGI holds an "AA" IFS rating and is renowned for its reliability and innovation.

About Prima Consulting

Prima Consulting is a trusted partner in financial and risk management, offering top-tier advice and innovative tech solutions to clients in the Middle East and Pakistan.

With a wealth of experience — over 50 years combined — the firm provides practical insights and specializes in financial valuations, actuarial services, and compliance solutions like the Delta IFRS 17 software.

Known for its deep industry knowledge, Prima Consulting helps businesses tackle complex challenges and achieve lasting success.

Your Trusted Partner for Financial & Risk Management Solutions in the MENA Region

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