ResQ Financial Reporter is an out-of-the-box IFRS 17 solution aimed at P&C business. It addresses the key challenges and complexities of the standard, whilst ensuring that reserving and other assumptions can flow seamlessly into the appropriate measurement models and through to finance systems.
ResQ Financial Reporter takes the complexity out of IFRS 17 for P&C and composite insurers, saving you time and effort in your end-to-end IFRS 17 reporting processes, freeing you up to focus on the core activities that matter most to your business.
|ResQ Financial Reporter
Implementing both the GMM and PAA measurement models, ResQ Financial Reporter addresses the process challenges of the standard and greatly eases the implementation costs by providing strong assumptions management features and ready-mapped outputs conforming to the IASB taxonomy.
ResQ Financial Reporter is a calculation and data management solution that takes the complexity out of IFRS 17, so companies can focus on the core activities of the business. It provides an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of this complex standard.
Users are able to move though a flexible, intuitive, well-governed, audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver the IFRS 17 financial statements in a timely, cost-efficient manner.
Why should you use ResQ Financial Reporter?
- Out-of-the-box functionality and modelling options with no configuration of calculations required, limiting the need for time-consuming development of bespoke component, dramatically reducing implementation times
- Facilitates the generation of many inputs, parameters and assumptions from the core reserve analysis, including creation and management of cashflows from period to period
- Roll forward feature to bring over carried forward assumptions and model selections from previous periods
- Detailed and flexible outputs to allow integration with finance systems. Structure reporting with outputs for analytics and pre-defined accounting rules linking the outputs to journal postings against a WTW default IFRS 17 Chart of Account
- Individual user authentication and role-based profiles deliver comprehensive governance and risk controls. All inputs, assumptions, and outputs locked and stored for auditability and governance. Enhanced governance through optional integration with our workflow management and control solution, Unify.
You can benefit from…
- Rapid implementation
- Out-of-the-box functionaility
- Integration with current systems and data sources
- End-to-end reporting process and roll forward
- Easy maintenance
- Comprehensive audit trails and governance
Process and workflow
ResQ Financial Reporter can work as a stand-alone calculation engine or alongside ResQ, WTW’s market-leading reserving solution, and integrate with Unify, WTW’s workflow management, automation and systems integration solution. The diagram below outlines the IFRS 17 workflow and where ResQ Financial Reporter fits in.