LONDON, Monday 9 December, 2019 — Willis Towers Watson has launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17, which is one of the most significant and complex changes to insurance accounting requirements for a generation.
ResQ Financial Reporter will provide an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of this complex standard. This will save insurers valuable time and effort in their end-to-end IFRS 17 reporting processes.
“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda,” said Andy Teale, Global IFRS 17 P&C Technology Leader, at Willis Towers Watson. “Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation. Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life, with rapid implementation and early sight of the numbers, giving (re)insurers the time to digest the impact of the standard on the wider business decisions.”
“ResQ FR essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”
Tina Gwilliam
Global Product Leader for ResQ, Willis Towers Watson
ResQ Financial Reporter is a calculation and data management solution that uses the latest technology to provide a modern and easy-to-use interface to produce the IFRS 17 insurance contract liabilities estimates, including the contractual service margin (CSM) management. Either the general measurement model or the premium allocation approach can be applied, all within a well-defined, robust and transparent environment that takes the complexity out of the process.
"ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner,” said Tina Gwilliam, Global Product Leader for ResQ at Willis Towers Watson. “The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”
Key benefits of ResQ Financial Reporter include:
ResQ Financial Reporter can work as a stand-alone calculation engine or alongside ResQ, Willis Towers Watson’s market leading reserving solution, and integrate with Unify, Willis Towers Watson’s workflow management system, automation and systems integration solution.
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
