The worldwide implementation of IFRS 17 is likely to be one of the most disruptive changes to the insurance industry ever. While it varies from one company to another, and also by region, the initial impact assessments of IFRS 17 by insurers are likely nearing completion. However, this global standard was designed to be principles-based and to apply to all types of insurance. This led to some confusion and challenges in the interpretation of the text and the translation into practical terms. Significant practical challenges around data, systems and processes are to be expected.
IFRS 17: Voices of our Experts
Listen to what our IFRS 17 subject matter experts have to say about some of the challenges, requirements and solutions for the new accounting standard.
Aligning Actuarial and Accounting Modeling and Calculations
Our IFRS 17 models are fully documented and transparent to help clients address the most stringent requirement of IFRS 17 calculations. This enables a quicker implementation of the most subtle aspects of the IFRS 17 standard, allowing clients to concentrate on testing the end-to-end process and their CSM results.
Consistent Data Governance, Lineage and Transparency IFRS 17 is challenging for insurers’ data availability, granularity and quality. The accounting standard requires consistent data governance, lineage and transparency across the actuarial modeling and financial reporting chain. The level of granularity necessary for IFRS 17 offers benefits in areas outside of IFRS, such as for data analytics. Our integrated IFRS 17 sub-ledger solution delivers data management capabilities while leaving existing models and systems intact.
Revolutionize your Reporting IFRS 17 rewrites the rule book for insurance reporting. A strategic approach to transitioning to the new accounting standard could give insurers powerful insights that go beyond the core reporting requirements. Our solution allows clients to easily gain insight into their underlying financial dynamics, risk, and business performance drivers.
End-to-End IFRS 17 Sub-ledger Capabilities
Moody’s Analytics IFRS 17 solution comes with an innovative financial sub-ledger to support the insurance and reinsurance industry in their transformation towards the new accounting standard requirements. Find out how our solution extracts and optimizes source data from feeder systems, prepares calculations for accounting records and maps your best estimate cash flows from the sub-ledger accounting to your balance sheet and P&L.
Orchestrating your IFRS 17 Disclosure Extensive disclosure requirements in combination with transitional calculations, retrospective comparative information, simultaneous IFRS 9 implementation, reconciliation with IFRS 4, movement analysis, and Solvency II reporting all need a strong technology solution to orchestrate all the workflows and ensure timely delivery. Find out how Moody’s Analytics IFRS 17 solution helps the industry.
Check out our integrated, modular solutions to address your IFRS 17-specific needs
Integrate seamlessly with your existing system infrastructure and simplify your accounting and actuarial processes to facilitate your efforts to address the new accounting standard. Integrate those software components needed to fulfill your individual requirements and save on your upfront technology and modeling investments.
RiskIntegrity IFRS 17
Cloud-ready solution that helps insurers and re-insurers implement the new IFRS 17 accounting standard that applies to insurance contracts:
The Risk.net IFRS17 Special Report outlines the trends as well as changes to watch for in 2019 and beyond, and also provides interpretive guidance on key themes of IFRS 17. Download the report to read perspectives from Moody's Analytics experts.
Steven Morrison’s second whitepaper, Profit Emergence under IFRS 17, turns its attention to the Variable Fee Approach (VFA). Explore his practical insights on financial risk and its impact on contracts with participation features.
Moody’s Analytics has a partner ecosystem of consultants, system integrators, and technology vendors to help insurers implement their IFRS 17 projects and related business transformation programs. Our unique RiskIntegrity IFRS 17 solution, when combined with our partners’ domain knowledge, consulting and delivery expertise, provides our joint customers with a compelling offering. Learn more about the benefits of joining the PartnerAlliance Program.