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IFRS 17 Solutions

IFRS 17 brings some very specific challenges for insurers’ finance and actuarial teams, not the least of which is to produce numbers and analyses ever quicker, with greater transparency, and with more controls and granularity. But it also provides a unique opportunity to review and update the technology, processes and people used for financial reporting.

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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.

  1. 01

    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.

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    Title File Type File Size
    IFRS 17: An enterprise solution that delivers more than just the numbers PDF 1.1 MB

  1. 02

    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).

    Download
    Title File Type File Size
    ResQ Financial Reporter: Delivering IFRS 17 efficiency for P&C insurers PDF 3.2 MB
ResQ Financial Reporter

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.

  1. 03

    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.

    Download
    Title File Type File Size
    RiskAgility FM IFRS 17 Calculation Engine PDF 8.8 MB

  1. 04

    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.

Download

Title File Type File Size
Financial results analyzer PDF .2 MB
Financial Results Analyzer

Financial Results Analyzer is an automated Enterprise Reporting Solution that supports and connects your actuarial and accounting teams.

Related insights

See all insights
Press Release
WTW unveils groundbreaking machine-led solution to redefine insurance reserving best practice
Podcast
WTW global IFRS 17 study – part 2: Analyst survey
Podcast
WTW global IFRS 17 study – part 1: Disclosure analysis
Article
IFRS 17 reporting is here: WTW disclosure analysis
Press Release
IFRS 17 disrupting business as usual for insurers

Insurers report substantial work is still needed to better understand and explain IFRS 17 results and improve business as usual reporting processes, according to WTW survey.

Webcast
IFRS 17: Understanding and Communicating the Results
Webcast
IFRS 17 Disclosure Analysis: what have companies disclosed so far about IFRS 17?

Related products

Software Unify
Unify Unify is an enterprise-wide systems integration, automation and governance platform designed specifically to serve the insurance industry. Product Information
Software ResQ Financial Reporter
ResQ Financial Reporter 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. And by freeing up valuable time and resources, it allows you to focus on the core activities that matter most to your business. Product Information
Software RiskAgility Financial Modeler (FM)
RiskAgility Financial Modeler (FM) RiskAgility FM is a fast, flexible, actuarial software solution that enables life and health insurers and pension companies to run financial models that accurately reflect their products and company, and to run them in ways that are easily adapted to their business processes and regulatory reporting needs. Product Information
Software DataValidator
DataValidator Flexible and user-friendly, DataValidator is a software solution that validates, cleanses and transforms data efficiently, preparing it for use in financial modeling and reporting processes. At each stage it generates detailed audit reports maintaining governance controls that support regulatory requirements. Product Information
Software ResQ
ResQ ResQ, our award-winning reserving software, uniquely combines powerful modelling and advanced reserving methods with flexible data management to create a complete reserving solution. Product Information

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