RiskIntegrity™ IFRS 17
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 to small monoliners – to efficiently meet the new reporting challenges by integrating seamlessly into your existing infrastructure, connecting data, models, systems, and processes between actuarial and accounting functions. It addresses the specific IFRS 17 needs of life and non-life companies, as well as credit insurers and reinsurers.
Kickstart your IFRS 17 Implementation with a modular end-to-end solution
- 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.
- Designed to accept fulfillment cash flows, risk adjustment, expected insurance service costs and coverage units input from any actuarial system, but with advanced connectivity for the AXISTM Actuarial System that will facilitate implementation and improve operational efficiency and convenience for AXIS clients.
- Ensure consistency, quality and accessibility of finance and actuarial data (both current and historic), using centralized data storage and data quality management.
- Built-in IFRS 17 calculation engine to calculate, amortize, and roll-forward contractual service margin (CSM) and support revenue calculations for reporting.
- Store, process and aggregate accounting sub-ledger data required to deliver the numbers and disclosures for IFRS 17.
- Produce reports for entity, portfolio, or group level disclosures, and analyze changes in CSM or Liability for Remaining Coverage (LRC) for management oversight.
- Gain an efficient audit trail, better supported reporting process, reduce costs and minimize manual errors with process automation and governance.
The RiskIntegrity IFRS 17 solution difference
- 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 regulatory 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.
- Supported by experience 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.
Contact us for a demo
Learn how RiskIntegrity IFRS 17 can help your organization to efficiently implement the IFRS 17 requirements. Request a demonstration of this solution today.