Insurance system and process evolution has often taken place in a piecemeal fashion, in isolation from other business considerations. IFRS 17 provides a catalyst to take a step back, and to review the people, processes and technologies that will be needed not only to deliver a successful IFRS 17 implementation, but to position the business for the future.
How we can help
WTW is uniquely placed to help both Life and property and casualty (P&C) insurers interpret and implement the new accounting standard. We combine specialist knowledge, with unique technology tools and unrivalled depth of capabilities to deliver a range of IFRS services.
Our IFRS 17 consultancy support
We are totally immersed in the key technical financial issues of IFRS 17, such as the complexities of the contractual service margin (CSM), and help you identify where gaps in your ability to respond exist, be they related to data, systems, processes or people. But, as insurance specialists, we’ll also help you understand the wider business impacts and implications – and help you to manage these to continue to present your business in the best light possible.
What we believe makes us different from most other IFRS 17 consultants you could choose is that we don’t walk away at this point. Where we really come in to our own is implementing in a very practical way what’s needed to achieve your goals.
Our state-of-the-art technology solutions, developed specifically for the insurance sector, play a big part in that.
Our technology solutions
We’ve created a suite of IFRS 17 technology solutions, based on our proven software products, to meet the market’s diverse needs.
They share a modular approach, so you can take what you need and tailor a solution to your situation, and integrate it with existing models and processes.
IFRS 17 Enterprise Solution
The enterprise solution uses high levels of automation, in a governed and auditable WTW Unify workflow environment, to receive source information and deliver the key IFRS 17 numbers. A modular, building block approach gives the flexibility to integrate with the systems you already have, including downstream accounting systems.
Title File Type File Size IFRS 17: An enterprise solution that delivers more than just the numbers 1.1 MB
ResQ Financial Reporter
ResQ Financial Reporter is a calculation and data management tool that enables P&C insurers to carry out the measurement and reporting of insurance contracts under IFRS 17 by applying either the general measurement model (building block approach), or the simplified model (premium allocation approach).
Title File Type File Size ResQ Financial Reporter: Delivering IFRS 17 efficiency for P&C insurers 3.2 MB
RiskAgility FM IFRS 17 Calculation Engine
The RiskAgility FM IFRS 17 Calculation Engine, which also forms part of the Enterprise Solution, is a calculation solution that enables the seamless estimation of the insurance contract liabilities under IFRS 17. It applies either the building bock approach (BBA), the variable fee approach (VFA), or the premium allocation approach (PAA) on standardized actuarial and actual input cashflows, and IFRS 17 assumptions.
Title File Type File Size RiskAgility FM IFRS 17 Calculation Engine 8.8 MB
RiskAgility FM IFRS 17 Calculation Engine supports the analysis, review, reporting, validation and sensitivity testing required to deliver and sign off the IFRS 17 financial statements for life insurers.
Financial Results Analyzer
Financial Results Analyzer is an automated Enterprise Reporting Solution that supports and connects your actuarial and accounting teams. It provides fast and intuitive insights for users reporting under the IFRS 9 & 17 accounting standards — in a transparent, controlled, and efficient way.
|Financial results analyzer