Hastings Group selects Legerity's IFRS17 SaaS solution

FastPost Express helps leading UK digital insurer deliver IFRS17 compliance

LONDON, June 29, 2021 /PRNewswire/ -- Hastings Group, an agile, data and digitally focused general insurance provider to the UK car, van, bike and home market, has selected Legerity's FastPost Express for IFRS17 solution to help it transition to the new International Financial Reporting Standard (IFRS17). The new standard takes effect from January 2023 and is one of the most significant changes to accounting in the insurance sector in years.

FastPost Express for IFRS17 is a third generation accounting rules cloud platform. SaaS delivered with best practice, out of the box configuration, it provides a fast and effective route to deliver this new complex accounting standard for all sizes of general, life and reinsurance firms.

"We undertook a rigorous evaluation exercise before selecting Legerity," commented John Worth, Group CFO at Hastings Group. "With our ambitious growth plans, and commitment to digital leadership through embracing new technology, we found the ideal partner in Legerity. The FastPost cloud solution should help us deliver IFRS17 efficiently plus supports our future growth plans through its scalable modern architecture."

Jeremy Wood, CEO at Legerity, adds "we are delighted to have entered into this long term business partnership with Hastings Group. As a digital insurer, committed to the cloud and the use of modern technology, FastPost is the ideal platform for Hastings. We have quickly established a great working relationship, and with Hastings commitment to colleagues and support of the community, our corporate cultures closely align."

Notes to Editors.

About Hastings Group

Hastings Group ("Hastings", "Group") comprises the ultimate UK parent entity Hastings Group (Consolidated) Limited, intermediate holding entities, and two main operating subsidiaries; Hastings Insurance Services Limited (trading as Hastings Direct), in the UK, and Advantage Insurance Company Limited, in Gibraltar.

The Group operates as a technology driven insurance provider, delivering straightforward products and services to 3.1 million car, bike, van and home insurance customers, and employs over 3,300 colleagues across sites in Bexhill, Leicester, London and Gibraltar.

About Legerity

Legerity helps clients deliver digital finance transformation and complex accounting change, cost effectively and with minimum disruption.

Legerity's FastPost Express is an enterprise grade, SaaS-delivered IFRS17 solution. It covers all the finance aspects of IFRS17 from receipt of cashflows, calculating the contractual service margin (CSM) through to the posting of journals and production of IFRS17 reports and disclosures. FastPost Express is not just about compliance, it lays down the foundation for finance transformation, business agility and is future-proofed for digital insurance products.

Legerity was awarded the IFRS17 Solution of the Year award in February 2021 by InsuranceERM, a highly prestigious industry award that is subject to a rigorous selection process by an independent team of industry expert judges from across Europe and the UK.

Legerity was also named a Category Leader in the Chartis Research report, "IFRS17 Technology Solutions: Market and Vendor Landscape 2020," a report that assesses leading vendors of IFRS 17 solutions.

For further information please visit www.legerityfinancials.com

Mike Richardson
+44(0)7949-186-358
mike.richardson@legerityfinancials.com