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.

Discover the Moody's Analytics Difference
Calculation
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.

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Data
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.

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Reporting
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.

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Posting
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.

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Disclosure
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.

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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
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
ESG
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
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
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. 
Risk Adjustment in IFRS 17
Whitepaper: Calculating IFRS 17 Risk Adjustment
This paper provides an overview of the IFRS 17 risk adjustment and provides practical insights about calculation methods such as Cost of Capital, Value at Risk (VaR) and Margins for Adverse Deviation.
Level of Aggregation in IFRS 17
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.
IFRS 17 PartnerAlliance Program
IFRS 17 PartnerAlliance Program
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.

For more information on how to partner with Moody’s Analytics on IFRS 17 projects, please click here or contact us on PartnerAlliance@moodys.com.
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