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

From Prima Consulting

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.

Author

Prima Consulting

Prima Consulting supports clients across Saudi Arabia, the UAE, the wider Middle East, Ireland, Germany, Europe, and other global markets.
The team includes actuaries with ASA, FSA, AIA, FIA, APSA, and FAPSA credentials, along with CAs, CPAs, CFAs, consultants, ESG specialists, and marketing professionals.

Each person brings hands-on experience from IFRS projects, valuations, employee benefits work, ESG assignments, and digital presence engagements.
The insights you read come from real client work and active projects across several sectors.

LinkedIn: https://www.linkedin.com/company/prima-global-consulting/