Phoenix Life aims to meet IFRS 17 with Oracle tech

Written by Alex Hamilton
28th July 2020

Savings and retirement firm Phoenix Life has picked Oracle’s IFRS 17 Analyzer to meet its accounting compliance needs.

Phoenix Life uses a number of Oracle services

Phoenix Life is onboarding the Oracle platform, part of the vendor’s Oracle Financial Services Analytical Applications (OFSAA) suite.

The application is pre-built with a set of computations, rules and disclosures which Oracle says will speed up the firm’s ability to meet International Financial Reporting Standards (IFRS).

Phoenix Life is part of the Phoenix Group, an FTSE 100 company. The group claims to hold 10 million policies and £248 billion of assets.

The firm runs Oracle’s cloud-based enterprise resource planning (ERP) and human capital management (HCM) services.

Oracle believes this makes the implementation of the Analyzer an easier task.

“Our industry already relies on fast and robust information exchange, and IFRS 17 brings a significant step up in the volume of data transfer required for financial reporting,” says Iain Macintyre, IFRS 17 lead at Phoenix Group.

“Oracle’s software is the best choice for us – we know it can easily integrate with the rest of our estate.”

He adds: “Not only will we be fully equipped to meet the new standards, but the technology enhances control and allows us to deliver financial reporting quickly and efficiently.”