IFRS 17 follows Solvency 2, but has key differences:
A solution offered by Adastra, covers all aspects of IFRS 17 requirements, from data preparation, through data governance and calculation of IFRS 17 measures, to accounting to support compliance with IFRS 17 requirements.
IFRS 17 requires a company to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts. This requirement will provide transparent reporting about a company’s financial position and risk.
Analitica IFRS 17 Suite® – comprehensive IFRS 17 complaint out-of-box solution consists of:
Integrated input Data Validator and Editor
Workflow with modes of operation
IFRS 17 Measurement calculations – all three approach the Building Block. Approach (BBA), the Variable Fee. Approach (VFA) and the Premium. Allocation Approach (PAA)
Simulation Capabilities and Planning
Analytical Data Repository (optional)
Accounting module (optional)
Read more about our integrated solution Analitica IFRS 17 Suite®
The new standard impacts not only the profits, equity, insurance obligations and financial reporting of the insurers but also the actuarial models, IT architecture and all related processes. IFRS 17 will have a major impact on the way data is collected, stored and analyzed. This includes a wide spectrum of data that will be used, from historical or current data (e.g. policy and premium data or data to produce the risk adjustment) to future data (e.g. data used to produce cash flow projections).
In line with data requirements, it is important to enhance your data governance, which includes data flow outline, master data management for common uses, detail data mappings with the possibility of lineage analysis and last but not least business metadata catalogue linked with the data model.
IFRS 17 is effective from 1. January 2021. There is no much time as actual impact of IFRS 17 on insurance companies is by far more extensive as just prescribed changes in accounting standards.
Adastra can help you to
High level operation model of IFRS 17
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