We have direct insurance companies and re-insurance companies within our group, so we have a lot of intercompany business
and this is a big challenge for us and for that reason we need the support of CCH Tagetik system, the integrated IC cockpit is very helpful for us
to make all the IC reconciliations between the different companies worldwide. We have to fulfill the requirements for the regulatory reporting, the so called Solvency II,
and at the moment, a very big project in the insurance sector, is the implementation of IFRS 9 and IFRS 17. We use the management and the statutory
consolidation of the IFRS for the quarterly and annual reports and this is also very complex in our group, we have a very complex structure
with a lot of sub-holdings, we have minority interests, equity consolidation, IFRS 5 declarations, deconsolidation
industry consolidation, mergers, a lot of different issues quarter-to-quarter and CCH Tagetik supports us a lot by doing this stuff.
We're very impressed in working toghether with CCH Tagetik, I think we achieved a lot of improvements, I also worked with other systems like SAP
and Oracle Hyperion but I've never had something similar like this connection to CCH Tagetik. With CCH Tagetik we can deliver the figures
on time and we also have a good quality due to the automated processes integrated in the system but also due to the great
validations and checks which are possible in CCH Tagetik ... it's very good so we can guarantee that even the preliminary figures have a very good quality, so you can trust
in these figures and it is very important for our CFO. I would definitely recommend CCH Tagetik, we're convinced of and satisfied with CCH Tagetik!