Jakarta, 11 April 2025 – In less than nine months, PT Bhinneka Life Indonesia (BLI) successfully completed its implementation of PSAK 117 (IFRS 17), reaching Business-as-Usual (BAU) status ahead of industry expectations. This achievement isn’t just a win for BLI—it’s a major milestone for Indonesia’s insurance industry and a clear demonstration of the power behind Hamilton Engine, an Indonesian-built IFRS solution by PT Hamilton Prima Indonesia.

Seamless Collaboration: The Driving Force Behind Success

The journey began in June 2024, when BLI entered into an agreement with Hamilton amid a backdrop of tight timelines and high pressure. “We’re truly proud of what we’ve accomplished,” said Benny Indra, President Director of BLI. “It all started from a stressful and uncertain place, but one year later, we’re celebrating a successful result.”

The project moved quickly thanks to seamless cross-functional teamwork. “Under nine months, an incredible result,” said Ersa Tri Wahyuni, PhD, CA, CPMA, CPSAK, Hamilton’s Subject Matter Expert for IFRS in Accounting. “It was made possible by the shared commitment of BLI’s accounting, actuarial, and IT teams, working closely with Hamilton.”

Proven Experience, Trusted Approach

According to Budi Rachman, Global IFRS Practice Lead at Hamilton, their track record made the difference. “We started with IFRS 15 and 16 years ago. It was like learning to ride a bike. By the time we reached IFRS 17, which is more like a motorcycle, we were fully prepared.” With nearly a decade of IFRS implementation experience, Hamilton is more than just a solution provider, it is a strategic partner that understands the nuances of applying complex accounting standards.

More Than Just Compliance

Hamilton Engine was built to go beyond ticking regulatory boxes. Its design integrates accounting, actuarial, and IT perspectives, ensuring that implementations are not only compliant but also streamlined and future-ready. It’s built to empower growth, scalability, and long-term advantage. “This isn’t just about compliance,” Budi emphasized. “We want Hamilton Engine to become a foundation for BLI’s growth and competitive edge.”

Echoing that, Nur Muhammad Yasin, President Director of Hamilton Prima Indonesia, added, “We’re not just here to implement. We’re here for the journey. Our commitment to BLI continues beyond Go-Live.”

Powered by AI and predictive accounting, Hamilton Engine is ready for IFRS 9, 15, 16, and 17, offering a comprehensive and efficient path to Go-Live.

A Proven Solution, Ready to Use

While many insurers continue to struggle with the complexity of PSAK 117, Hamilton has demonstrated that fast, efficient, and ready-to-use solutions are possible. “Had we stuck with our previous solution, we might not have reached Go-Live this quickly—and at a higher cost,” Ersa noted. “Hamilton gave us more value at a lower investment.”

A Win for the Industry

This Go-Live is more than a corporate success—it’s a signal to the entire insurance industry.
“This is a powerful moment, not just for Bhinneka Life but for the industry as a whole,” said Yasir, Hamilton’s IFRS Subject Matter Expert in Actuarial.

Homegrown Innovation, Global Impact

BLI’s success proves that Indonesian-built technology can meet international standards and deliver world-class results. In an industry where the stakes are high and complexity is growing, Hamilton Engine is ready to lead.

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