Dubai, July 14, 2019:  Beyontec Solutions, a global insurance technology solutions provider, and AJMS, a leading accounting, tax and governance, risk & compliance (GRC) consulting firm, have entered into a strategic partnership to develop a comprehensive IFRS 17 solution for the Middle East and African insurance industries.

The new reporting standard under IFRS 17 will undoubtedly be a significant change for accounting requirements. However, it poses tremendous challenges for insurance companies in grasping the operational impacts on data, systems and processes.

“We are delighted to partner with AJMS on developing the IFRS 17 specific software product as we see great synergies in our understanding of the insurance industry, and the combined ability to proactively consult and transition insurers into the new standards,” said Vivek Sethia.

AJMS with its extensive experience in effectively assisting companies to monitor and manage risk & compliance with regulatory requirements, will drive the product blueprinting for the new IFRS 17 solution being developed by Beyontec.

“AJMS looks forward to working with Beyontec on the new IFRS 17 solution. Our insurance experience, IFRS consulting and implementation knowledge complement their deep domain knowledge and skill sets that are needed to develop a comprehensive solution on time,” concluded Mr. Abhishek Jajoo, Partner & CEO of AJMS.