IFRS 17 Solution for Insurance

Comprehensive solution for data preparation, calculations, postings and reporting

About IFRS17

The new Accounting Standard for measurement of liabilities of insurance contracts

The International Accounting Standard Board (IASB) issued IFRS 17 as the new Accounting Standard for measurement of liabilities of insurance contracts on May 18, 2017. The Standard is to be applied for financial reporting from January 1, 2022 on.

Are you ready for IFRS 17?

The new standard brings significant changes into measurement and accounting of insurance contracts that, without the right strategy, will lead to a time-consuming and expensive overhaul of financial management processes, applications and operating models.

Get ready for IFRS 17

How can we help you

The impact of IFRS 17 will be extensive across your entire organization, affecting the accounting policies, systems, and processes you have in place. For this reason we have an IFRS 17 solution that would benefit everyone. Check our solution guide here.

Our automated solution has a proven track record of:

increasing efficiency,
decreasing cost, and
reducing risk across all departments.

We also provide full maintenance and support during the process of data collection, calculations, reporting and disclosures.

This way you can focus on your business with confidence that you’re in compliance with regulatory standards.

Check functionalities of IFRS17 demonstrated on simple contract here.

Apply to our webinar and learn how we can help you

What do we offer

Application of all measurement models pursuant to the IFRS 17 Standard

Calculations under all measurement models: BBA, PAA, VFACalculation of Risk Adjustment (RA)

Calculation of Contractual service margin (CSM) and or loss component (LC)

Amortisation of CSM, LC, RA and acquisition costs

Calculation and application of the effective yield rate, projected crediting rate, and book yield.

Separation of liabilities for remaining coverage and incurred claims

Separation and disaggregation of finance income and expenses

Key Capabilities of the Solutions

Preconfigured input data model

Load and map data from internal and external data sources via powerful ETL capabilities

Data allocation, aggregation, and normalization to bring the data at the proper granularity level.

Data validation and controls

Common data Repository

Preconfigured, parametrisable and extendable calculation logic

Check and validation of results

Automated postings to General Ledger

Integration with BI tools

Preconfigured reports and disclosures in Qlik Sense with the ability to create ad hoc reports.

Full Audit Trail

Workflow to drive the entire process

Platform created for processing high volumes of data

WHY CHOOSE OUR SOLUTION

Fast Setup

Pre-configured solution gets you compliant quickly with a lower total cost of ownership (TCO)

Single Version of Truth

Creates a single contract data repository to accurately calculate, report and disclose for IFRS 17 and other reporting requirements. With confidence in your numbers and integration with Qlik Sense and Microsoft BI solutions you can spend more time on analysis and planning.

Easily Integrated

Our regulatory solutions are non-disruptive to existing architectures - they integrate with all your systems, including CCH Tagetik CPM and non-CCH Tagetik applications, on premises or on the cloud. CCH Tagetik's ETL capabilities allow you to seamlessly integrate with any source system to import or export data.

Flexible Modeling

With our calculation engine and the power of analytics, you can process and calculate large volumes of data quickly. Flexible modelling capabilities allow you to easily extend and maintain library of models, configure calculation logic and rules with a user friendly interface to stay compliant.

Disclosure and Reporting

A single version of data makes it easy to analyze, drill down to details, and report while adhering to IFRS 17 disclosure requirements. With our additional Collaborative Office solution, you can easily create a MS Word financial statement, a pdf board book, a PowerPoint presentation or a submission to regulators; the numbers and narrative are accurate and auditable.

Process Monitoring

Monitor the whole process with a dashboard that provides the status throughout the submission, adjustment and consolidation process. Using CCH Tagetik’s preconfigured workflow and communication tools unify the entire cycle and keep contributors on track and reports on time.