The enhanced rules engine can add multiple custom dimensions, such as business hierarchy, groups, and portfolios to the data mapping, giving greater control and flexibility to where journals are to be posted. The latest enhancements allow Moody’s Analytics to share its IFRS 17 accounting expertise with its customers.
Enhanced calculation engine capabilities
Enhanced business value for insurers through enriched calculation capabilities and the underlying data infrastructure:
Enhanced CSM calculation for proportional reinsurance business.
Valuation method PAA now also covers onerous groups. Loss amounts are calculated and managed with reference to the value of fulfilment cash flows under the GMM approach.
Increased granularity of outputs (such as the separate components of the loss component) to derive value through better business insights and reporting.
Input variables (such as the BEL) can be computed directly from client cash flows as part of the data processing step.
Data management: Bring your own data format
Clients do not need to use a standard format to import data into the staging database; the integrated transformation, mapping, and data source management function in the RiskIntegrity IFRS17 solution is used to load input data into the system.
The data import does not require all the data to be uploaded at the same time. Clients can upload data piecemeal, allowing for the different timing of data readiness.
Benefit from enhanced reporting & disclosure capabilities
Enhanced data granularity, updated reporting, and disclosure features for the IFRS 17 presentation increase understanding of the insurer’s financial position and financial performance. In line with IFRS 17 requirements, the Extract of Statement of Financial Position report shows your insurance contract assets and liabilities separately from your reinsurance contract assets and liabilities. The Extract of Statement of Financial Performance has been enhanced to give greater clarity on the changes to the loss component.
Modularization and user access management
The modular nature of the software supports the functional needs of the various roles in the cross-functional IFRS 17 process. Functions are grouped together within the application for better use of the application. For example, accounting processes are now available in the accounting module, showing only the processes and reports that are relevant for accounting.
Predefined roles have been created that give users different levels of access to data and screens.
As part of the alignment between AXIS software and the RiskIntegrity IFRS 17 solution, AXIS reinsurance held data can be used directly in the RiskIntegrity IFRS 17 solution for the valuation and analysis of reinsurance held contracts.
IFRS 17 Solution At a Glance
Learn how RiskIntegrity IFRS 17 can help your organization to meet the IFRS 17 requirements.