ARLINGTON, May 11, 2023 —WTW (NASDAQ: WTW), a global advisory, broking, and solutions company, today announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA).
Implementing IFRS 17 – the international insurance accounting standard for contracts – is proving to be a major challenge for many (re)insurers. Inadequate data systems, lack of resources and a shortage of expertise has collectively led to delays in dry runs, further slowing the understanding of financial results. As we move through 2023, companies are beginning to go live with IFRS 17, but many have struggled with developing suitably effective reporting processes and analytics systems that produce, monitor, and explain the results.
“FRA helps users achieve the new IFRS 17 accounting standard in a transparent, controlled and efficient way.”
David Patton | Global Head of Finance Advisory, ICT, WTW
Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of (re)insurers. As a part of the company’s proven IFRS 17 Enterprise Solution, FRA extends the reporting functionality to provide out-of-the-box IFRS 17 reporting, in a controlled, streamlined and automated environment.
“FRA helps users achieve the new IFRS 17 accounting standard in a transparent, controlled and efficient way,” said David Patton, Global Head of Finance Advisory, ICT, WTW. “It uses high levels of automation in a governed and auditable environment, and delivers insightful financial reporting, actuarial detail, and sub-ledger capabilities in an end- to-end solution that also generates wider business value.”
Benefits of FRA include:
“Our solution meets the needs of reporting in a post-IFRS 17 world, where the actuarial and accounting reporting requirements are even more interdependent, and where the need for a well-structured, automated, controlled data model is vital,” said Patton. “Targeting ease-of-use, cost-effectiveness and process efficiency, we have designed a system based on our deep industry expertise, which will extend the existing WTW technology solutions.”
FRA expands WTW’s award-winning suite of IFRS 17 technology solutions, based on its proven software products, to meet the market’s diverse needs for life, non-life, and composite entities. This approach provides an efficient production of the results, using any of the IFRS 17 measurement models. WTW’s innovative solutions provide a modular approach, providing companies with the ability to tailor reporting to their specific needs.
“Our suite of IFRS 17 tools and consultancy support has been helping insurers and reinsurers for years,” said Patton. “Through our extensive work with clients, we have identified the additional need to connect actuarial and accounting teams and systems, while helping them achieve their goals.”
Find more details on WTW’s suite of IFRS 17 tools at: IFRS 17 Solutions.
WTW’s Insurance Consulting and Technology (ICT) business has over 1,200 colleagues operating in 35 markets worldwide. ICT 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.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
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