Allianz Trade implements IFRS9&17 with the help of Primexis

Meet our clients: Find out how Allianz Trade implemented IFRS9&17 standards with Primexis’ assistance.

Sohary Pouliquen, manager of Allianz Trade Group’s Consolidation and Reporting team, and Nadège Raviart, director of Primexis’ Group Information System team, share their experience. Once again, this success highlights Primexis’ expertise in projects to implement new standards in information systems for companies in all sectors.

The interview is also available on Primexis’ YouTube channel. 

Who are you, and what does your company do?

Sohary Pouliquen, manager of the team in charge of reporting and consolidation tools at Allianz Trade group. Allianz Trade, formerly Euler Hermes, is the world’s leader in credit insurance. We assist our clients on a daily basis in securing their business development by protecting them from the risk of their business partners’ outstanding debt.

Nadège Raviart, director of the Group Information Systems team. I joined Primexis, a financial consulting and accounting firm, in 2012.

What did Allianz Trade need?

Sohary Pouliquen: While implementing the IFRS9&17 standards, Allianz, our stockholder, asked us to provide a double reporting. In this context, we needed a trustworthy partner to help us manage this double implementation. With this type of priority project, quality configuration and collaboration between the internal and project teams are key success factors.

What solution did Primexis provide?

Nadège Raviart: Primexis’ solution focused on three main areas: SAP FC expertise, which is their group consolidation tool, Bank/Insurance expertise, particularly IFRS9&17 standards, which involves redoing the group’s chart of accounts and summary statements, and expertise in Allianz Trade/Euler Hermes’ environment because Primexis is involved in many services including information systems, consolidation, controlling, and also accounting.

What does collaboration on the IFRS9&17 consist of?

Nadège Raviart: The IFRS9&17 project has been going on since 2019, and it consisted of writing the detailed design documents and then implementing the statutory consolidation phase. We also implemented the FTA, first time application, phase, which allows us to make the transition from the old standard to the new one, implemented the forecasting phases (budget and forecast), and then assisted during the parallel runs and user support that took place throughout the year 2022 and will continue in Q1 2023 during the Go Live.

Which teams from Allianz Trade are involved in this project, and what are their roles?

Sohary Pouliquen: Of course, there is my team in charge of systems and then, the main referrers, who are Consolidation for the Actual phase and Group Controlling for the Planning Dialogue and Rolling Forecast phases. We also work in collaboration with cross-function satellite teams who manage the specific processes such as reinsurance, investments, cost management, and actuaries. We also work closely with teams in charge of upstream and downstream systems to maintain the various interfaces.

What is the Primexis team’s role?

Nadège Raviart: Primexis’ Group Information System team worked with the teams Sohary mentioned before. We also worked in close collaboration with her own team in charge of the SAP FC application to make them completely autonomous at the time of the Go Live and to train them in the standard and the configuration and specificities.

What are the next steps in the project?

Sohary Pouliquen: Starting in 2023, a single reporting under the IFRS9&17 standard is required, even though the new configuration has already been in production for 2 years. We still have some work to do to clean up the old configuration and finalize the documentation. As a bonus, the Rolling Forecast is a light reporting.

Why chose Primexis?

Sohary Pouliquen: Primexis is a long-standing partner that knows the specificities related to our environment and our business. This gave them a clear advantage in offering us a tailored solution that met our expectations perfectly.

Any closing words?

Nadège Raviart: Sohary Pouliquen: The IFRS9&17 project is coming to an end. We successfully met the finance teams’ needs and provided an application that meets their expectations. We are ready to take on the next challenges, especially with the good atmosphere that goes with it.

Sohary Pouliquen: Beyond the quality of the developments, we particularly appreciated the structured assistance in managing the project and its various phases as well as the support and discussion about the current configuration, the design of the solutions, and the technical options to meet business needs. In the end, it was a real team collaboration throughout the project’s three years with the great atmosphere that goes with it, which was a real bonus.

And 3 words to describe Primexis?

Sohary Pouliquen: For me, the three words that describe Primexis are professionalism, attentiveness, and flexibility.