ADS Consulting Partners with SAS Korea

ADS Consulting (CEO Jin-soo Ahn), a specialized insurance solution company, has signed a partnership with SAS Korea (CEO Lee Jung-hyuk), a leading data and artificial intelligence (AI) company, to provide specialized solutions to insurance companies. Through this collaboration, the two companies plan to support insurance companies to effectively respond to the complex changes in the accounting environment due to the introduction of IFRS 17 and establish optimal management strategies for sustainable growth.

With the introduction of IFRS 17, the volatility of insurance liability values is increasing and the mismatch between assets and liabilities is becoming more serious, increasing the need for the introduction of an asset-liability management (ALM) system in the insurance industry. The asset-liability management system plays an essential role in helping insurance companies prepare for future uncertainties through various simulations and stress tests and establish optimal investment and liability management strategies.

Accordingly, ADS Consulting decided to provide specialized solutions for insurance companies by combining SAS' ALM solution with an automation solution for reporting systems submitted to various financial supervisory agencies through technical cooperation with SAS Korea. ADS Consulting will use this solution to build customized systems for each insurance company and provide consulting services for effective system operation.

Through the two companies’ customized solutions, insurance customers can enjoy the following benefits:

• Enhanced Data-Driven Decision Making: SAS Asset-Liability Management solutions enable insurers to analyze vast amounts of data and make more accurate and faster decisions based on this data. They can also establish optimal mid- to long-term management plans based on consistent, integrated information on assets and liabilities.
• Automated Reporting System: A system that reduces work time and human error, so that data necessary for decision-making can be obtained in a timely manner. A system that can easily respond to changes in the report format required by the supervisory agency is provided.
• Strengthening risk management: Through various simulations and stress tests, insurers can strengthen their preparedness for future uncertainties and improve their risk management systems.
• Strengthening regulatory compliance and competitiveness: Effectively respond to regulatory changes such as IFRS17 and lay the foundation for sustained growth in an increasingly competitive market environment.

SAS Korea CEO Lee Jung-hyeok said, “ADS Consulting is a proven professional company that has secured many clients based on its extensive experience in areas such as insurance company accounting systems, IFRS 17, K-ICS, and RBC 2.” He added, “Our collaboration with ADS Consulting will be a significant turning point in the domestic market expansion of SAS asset liability management solutions.”

ADS Consulting CEO Jin-soo Ahn said, “Through our collaboration with SAS Korea, we expect to lower the barriers to insurance companies adopting asset-liability management systems and maximize work efficiency.” He added, “ADS Consulting will work with SAS to accelerate the digital transformation of the insurance industry and strengthen the competitiveness of domestic insurance companies.”

ADS Consulting is expecting to enter and expand into the Asian market based on its successful solution supply in the domestic insurance market, which is recognized for its maturity and infrastructure excellence. In addition, based on SAS’s risk management leadership and stable and powerful platform, we plan to continue to cooperate to develop and supply additional solutions that combine ADS Consulting’s expertise in the insurance solution field.

Meanwhile, ADS Consulting plans to attend the 'SAS ALM Industry Cafe for the Insurance Industry' seminar hosted by SAS Korea on the 18th and introduce its solution. For event participation applications and inquiries, call 02-2191-7200 or visit the registration site.

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