Enhanced CSM Measurement Capabilities
Separate reinsurance held IFRS 17 groups from direct insurance and reinsurance issued. The general measurement model has been enhanced to include changes required for reinsurance held. This update allows for a negative CSM and accounting for changes in risk of non-performance by the issuer.
Keeping General Ledger Up to Date Easily update the existing general ledger with IFRS 17 transactions. The enhanced transaction data from RiskIntegrity IFRS 17 includes credit and debit transaction details as well as a differentiator between regular or corrected transactions.
Powerful and Flexible Analytics New release provides analysis capabilities which enable users to analyze the output data at a hierarchy, portfolio or IFRS 17 group level. Dynamically pivot, filter and sort data to ensure an efficient decision making and investigation process. Analyze changes, movements and volatility for different variables, either from period to period or from run to run.
Efficiency through Automation and Governance
RiskIntegrity IFRS 17 automates governance processes to help with challenging timetables. The new version provides pre-defined enhanced workflows to manage processes and tasks to a user-defined schedule. An integrated dashboard helps to monitor progress across multiple entities, teams and users. Task and escalation management are supported via automatic notifications and warnings. The governance and control process is further enhanced by integrated user access management and sign-off capabilities.
Premium Allocation Approach
This release introduces a premium allocation approach suitable for most short-term contracts. This is a simplification of the General Model allowing calculation of the LRC based on current cash flows (premiums and expenses).
The software is aligned with the newly launched AXIS IFRS 17 Link solution. The AXIS IFRS 17 Link solution provides a more efficient, streamlined process with built-in RiskIntegrity IFRS 17 report pack formats. The RiskIntegrity IFRS 17 takes input from the AXIS IFRS 17 Link solution directly, allowing ease of use between the two applications.
IFRS 17 Solution At a Glance
Learn how RiskIntegrity IFRS 17 can help your organization to meet the IFRS 17 requirements.
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.