Get Ready for IFRS 17
Looking for an IFRS 17 solution to meet your specific business needs? Contact us today for more information or a demonstration of our IFRS 17 solution.
Discover the Moody's Analytics Difference
Calculation
- A robust calculation engine for all IFRS 17 liability calculation methods: General Measurement Model (GMM) / Building Block Approach (BBA), Variable Fee Approach (VFA), Premium Allocation Approach (PAA) plus the Modified BBA.
- A flexible movement analysis capability that promotes business understanding by offering:
- A detailed analysis of the best estimate liability, risk adjustment and CSM components of the IFRS 17 liabilities.
- Tracking of the business movements over multiple time periods.
- Support for required sensitivity disclosures along with strategic planning and “what-if” scenario analysis.
Accounting
- Full sub-ledger functionality where the journal output reflects accounting rules and easy-to-configure accounting policy choices.
- Posting output that is tailored to a clients’ own chart of accounts (for each subsidiary).
- Automated journal creation process with manual posting capability.
- Soft posting/hard posting design supported by journal reversals capability.
- Automatic handling of intra-group transfers and currency translations, if required.
- Option to provide transaction files to enable accounting journals and postings to be created in existing downstream tools, if required.
- A robust accountancy focused control framework.
Reporting
- A customizable reporting solution, with an easy to navigate interface to gain insight into the underlying financial dynamics from the corporate perspective down to user-defined levels of granularity
- A wider range of reports, including:
- Standard reports showing the technical liabilities analyzed by their key components.
- IFRS 17 analysis reports that will help users see the disclosures and interrogate the underlying data.
- Reports to assist in the reconciliation of differences between IFRS 17 and Solvency II balance sheets.
- Trial balance reports.
- Customizable reports for users to create their own templates within the software.
IT, Systems, and Data Handling
- An IT architecture designed for strong performance to reduce both run times and analytical lags, required to achieve fast close objectives.
- Deployment options to leverage the capabilities of the cloud.
- A system-agnostic solution which works readily with a wide range of actuarial and accounting tools.
- Data management capabilities that ease the burden of handling large volumes of data and the associated process risk through historization, in-built controls and data lineage.
- Data mart that facilitates the handling the necessary data (multiple discount curves, various cash flows sets, CSM, coverage unit, etc.) at granular level, and stores this over time as required.
- Solutions which can work with existing strategic data warehouses where persistence of data in RiskIntegrity IFRS 17 is not required.
Process Management and Governance
- Process dashboard provides an at-a-glance view of production process against user-configurable production milestones, with capability to escalate missed milestones.
- Automated workflow to minimize elapsed production timescales.
- Integrated approach of demonstrating and enforcing, sign-off of results to meet your internal requirements.
- Audit trail which traces and tracks all data and activities relating to production of financial reports are traceable.
- Centralized data repository for actuarial and finance/accounting data to ensure consistency for new financial and risk reporting and to ease the cooperation between both departments.
Vendor-Supported Delivery
- Delivered with “out-of-the-box” calculations help clients to address the IFRS 17 requirements. Moody’s Analytics is committed to addressing future updates from IASB and local supervisors.
- This vendor-supported model reduces lifetime costs and implementation timeframes, enables quicker implementations, and frees up your subject matter experts to concentrate on specialist activities (e.g. interpretation of the standard).
Check out our integrated, modular solutions to address your IFRS 17-specific needs
RiskIntegrity IFRS 17
Cloud-ready solution that helps insurers and re-insurers implement the new IFRS 17 accounting standard that applies to insurance contracts:
- End-to-end sub-ledger
- Data management and governance
- Financial reporting
Economic Scenario Generator (ESG)
The Market-Consistent Economic Scenario Generator contains stochastic asset modeling tools in a flexible framework to produce risk-neutral scenarios:
- Discount curves
- Scenario generation
AXIS™
The AXIS actuarial system provides flexibility to deploy large-scale computing power through an advanced cloud-based delivery platform or installed software:
- Financial modeling
- Capital calculations
Explore Insights and Resources on IFRS 17
Actuarial Models in an IFRS 17 World
Compliance with the IFRS 17 standard promises to bring great disruption to insurers’ financial reporting systems and processes, by forcing companies to integrate actuarial models deeply within reporting processes.
Whitepaper: Discount Rate Curves
In his IFRS17 Insight whitepaper, Nick Jessop – Senior Director Research, decodes the impact, significance and use of discount curves in the IFRS 17 reporting process.
Whitepaper: Level of Aggregation
Massimiliano Neri shares his thoughts about the level of contract aggregation required by IFRS17 in his latest publication. Read his whitepaper now to learn more about this core requirement of IFRS17.
Request a Demo
Contact us today for more information or a demonstration of our IFRS 17 solution.
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