MedinyX aims to make insurance automation available to all through a diverse pool of digital solutions ranging from Complete automation suite to APIs. Our highly modular platforms enable customers to extend their capabilities by incorporating additional modules into their existing systems.
Our ready to deploy digital solutions include insurance claims management software, insurance agency management systems, insurance policy management software, insurance quoting software, claims management software, healthcare software solutions, case management platform, CRM for insurance agents, etc., and much more.
Such a flexible approach helps companies scale their operations on the fly without huge upfront investment. Similarly, you can integrate additional features to your website or application using APIs
"White Label Apps" improves your customer loyalty with its powerful features and simple-to-use interfaces.
High levels of interoperability make migrations from legacy systems a seamless experience without any downtime or functional issues.
IFRS 17 Compliance
Insurance accounting is to be re-defined in one of the most important, wide-ranging
reforms in many years. From 2023 a new standard, IFRS 17, will replace the current
standard, IFRS 4.
This change comes as the industry is battling the effects of COVID-19 and, in particular, a
recent decision by UK’s Supreme Court allowing hundreds of businesses to claim
insurance pay-outs for their losses caused by the pandemic.
For insurers, this means overcoming a number of hurdles and taking immediate action.
Why IFRS 17?
Introduced in 2004, IFRS 4 is an interim standard that allows flexibility in insurance accounting
practices. However, the variations, especially across different regions, made it difficult to fulfil the
key objective of an accounting standard — allowing comparisons and being transparent.
IFRS 17 is intended to be the first harmonized accounting standard across the entire insurance
sector. The aim is to make it easier to compare financial statements issued by insurance
companies. It will also increase the alignment of accounting practices in the industry with those
of other sectors.