Introduction
We are pleased to announce that Tokio Marine Life Insurance Indonesia (“TMLII”) has selected WTW to be their strategic partner on supporting them in their IFRS 17 implementation journey. TMLII has also adopted the full suite of WTW’s Life IFRS 17 solution – RiskAgility FM IFRS 17 calculation engine, Unify and the Reporting.
Challenges
TMLII was looking for a technology solution to satisfy their end-to-end IFRS 17 reporting needs, as well as an experienced consulting firm to support them in their implementation of IFRS 17. As part of a wider group, their other regional business units, which have already implemented IFRS 17, were adopting an IFRS 17 solution from another vendor. They were using Prophet for their cashflow models, Tableau as their internal MI reporting tool, and were open to exploring alternative IFRS 17 solutions.
They required a hands-on consulting team that could deliver the project within tight timelines and converse in the native language to provide close guidance and advice throughout the project.
WTW has not worked with TMLII previously. Within a short timeframe, the WTW team had to develop deep connections with stakeholders at various levels of seniority across the company to gain their trust and confidence in our ability to perform the IFRS 17 implementation and to educate the client on the capabilities of our IFRS 17 solution.
The results
What really made the difference (the teachable moment)
- Our one-stop solution approach – WTW’s unique ability to offer a blend of award-winning, best-in-class IFRS 17 technologies along with implementation support as well as IFRS17 consulting, meant that TMLII would not have to worry about managing multiple vendors and consultants, enabling them to meet tight implementation timelines.
- Our reporting analytics capabilities - TMLII was not only looking to comply with IFRS 17 reporting requirements but also to equip their team with the analytics capability for better decision-making and to also automate the reporting process with strong governance. WTW IFRS 17 solution which included Unify and the Reporting Asset offered these capabilities that stood out amongst the competition.
- Experience in implementation – Our prior experience supporting the IFRS 17 implementation for an insurer in Indonesia, combined with our experience performing IFRS17 implementation for clients regionally, was crucial in providing TMLII the assurance that we were able to deliver on the work required. We were able to demonstrate to TMLII that they could leverage the accumulated experience from our various IFRS 17 implementations to chart them onto a course of cost-effective and timely implementation.
- Subject matter expertise & local presence – The content and the solution was critical to the win. WTW brought to the table a cross-functional team combining actuarial, accounting, and technology talent which are crucial for IFRS 17 implementations. WTW was also uniquely positioned with actuarial consultants that were well versed in Prophet modelling as well as RAFM modelling. In addition, we had local team members who were able to converse in native Bahasa, as well as an established on-the-ground presence in the market, which further solidified TMLII’s trust in our ability to deliver on the day-to-day communications required of the project confidently.
- Confidence and reliability – The team built the confidence of TMLII by carefully addressing the concerns raised by various stakeholders and systematically addressing them in a timely manner. Notably, the IFRS 17 ATF lead, Finance Advisory, Technology Consulting, and Legal teams provided strong support by responding comprehensively to the various queries raised by TMLII. Our collaborative approach in addressing their concerns, the comprehensive familiarity with our software capabilities, and our professional approach to negotiating on the contract details all enabled TMLII to gain confidence in WTW’s technology and implementation approach.
