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The RiskIntegrity IFRS 17 solution helps insurance companies make the transition from current insurance accounting frameworks to IFRS 17. It helps insurance entities of any size – from large international groups with life and non-life businesses to small monoliners – to efficiently meet the new reporting challenges. This solution integrates seamlessly into your existing infrastructure, connecting data, models, systems, and processes between actuarial and accounting functions. It addresses the needs of life and non-life companies, as well as credit insurers and reinsurers.
- Use our IFRS 17 calculation engine to calculate, amortize, and roll-forward contractual service margin (CSM).
- Conduct PAA eligibility testing and onerosity testing at inception or on-going basis – including generation of loss component.
- Calculate and roll-forward insurance contract liabilities for the general measurement model (GMM) / building block approach (BBA), variable fee approach (VFA), and premium allocation approach (PAA) from fulfilment cash flows.
- Produce reports for entity- or group-level disclosures, and analyze changes in CSM, Liability for Remaining Coverage (LRC) or Liability for Incurred Claims (LIC) for management oversight.
- Load cash flows input from existing actuarial tools or derive cash flows based on triangles, loss development factors, allocation rules, payment patterns and claims patterns.
- Generate postings, journal entries and disclosures using the accounting sub-ledger module including reversals, adjustments, consolidation, and support for multiple currencies.
- Ensure consistency, quality and accessibility of finance and actuarial data (both current and historic), using centralized data storage and data quality management.
- Gain an efficient audit trail, better supported reporting process, reduce costs and minimize manual errors with process automation and governance.
- Import data from multiple actuarial systems, consolidating information to provide comprehensive and coordinated IFRS 17 calculations for insurance groups with multiple lines of business, and entities.
- Out-of-the-box calculations and analytical capabilities that are compliant with initial IFRS 17 requirements and interpretations as well as a commitment to address future updates from IASB and local supervisors.
- Future-proof technology that is cloud-enabled, highly scalable, modular and designed to address the demanding data volume and performance requirements of IFRS 17.
- Integration that maximizes return on your investment in existing actuarial models, accounting systems, and processes, and is unified by a robust data dictionary.
- History delivering high-performance, cloud-based and award-winning technology projects in the insurance industry, including our AXIS™ actuarial modeling system, and RiskIntegrity™ Suite for Solvency II compliance.