EMEA Insurance Digest

IASB issues IFRS 17 Insurance Contracts, starting the countdown to 2021

On 18 May 2017, the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts, twenty years after the IASB's predecessor initiated the insurance contracts project. The new standard, which will replace IFRS 4 for accounting periods beginning on or after 1 January 2021, is a major milestone for the insurance industry as it represents the first ever near global accounting standard for insurance contracts. Read more

Practical risk management: The story so far

In this, the final paper of Willis Towers Watson's seven-part series on Risk issues, we summarise the results of our survey of UK insurers' operational practices. We started with the belief that many insurers have untapped opportunities to extract greater value from their investment in risk management. Our survey looks at how reality compares with the theory, and examines the extent to which insurance companies have been and are still developing their risk functions. Read more

Solutions for Life Insights

Visit our Solutions for Life Insights blog for our latest thinking on financial modelling and reporting for life insurers. New posts include:

- Linear optimisation: a powerful technique for model pointing and cashflow fitting
- A time and cost efficient solution to the customisation of ALM models
- How Solvency II quarterly reporting template (QRT) population can be done in a day
- Powerful financial modelling with RiskAgility FM
- How you can turn IFRS 17 into a success story

We have also just launched our new Solutions for Life microsite – see how you can transform your reporting processes with the help of our integrated portfolio of software and consulting solutions. Visit the blog

Radar show and tell at DIA Amsterdam 2017

We headed to Amsterdam in May for the second annual Digital Insurance Agenda (DIA) conference to present a show and tell demonstration of our Radar pricing software to 750 insurers and leading thinkers in the InsurTech industry. Read more

InsurTech industry attracts $283M in Q1 2017 as startups flood into small business insurance

The inaugural Quarterly InsurTech Briefing highlights the potential for the $100 billion small business insurance market to experience transformational digital disruption. This new research highlights how the industry is incorporating emerging technologies into existing processes to target friction costs within every aspect of the traditional insurance value chain. Read more

Solvency II One Year On - One step forward, two steps back

In this report, published in conjunction with the independent research provider Autonomous, we analysed the Solvency II statements of 31 European insurers to highlight the disparate and incomplete state of current disclosures. Read more

Addressing post-Solvency II challenges with Unify 2.0

We have introduced new features to our systems' integration and workflow platform Unify to enable insurers to meet Solvency II's tightening reporting timescales. With Unify 2.0 insurers can reduce the working day timetable, plus the resources required to perform their regular reporting by integrating their financial modelling and reporting applications into an automated and governed process. Read more

New horizons – how diverse growth strategies can advance digitalisation in the insurance industry

Many leading players in the insurance sector concede they have not been as quick to embrace digitalisation as other financial services. But why? We surveyed 200 senior-level executives to map the changing attitude of insurers to digital technologies, identifying the barriers to digital adoption and the strategies firms are using to realise their digital ambitions. Read more

Willis Towers Watson named 2016 InsuranceERM Awards winner

Our leading software solutions picked up four nominations at the 2016 InsuranceERM Awards, and are proud to announce we won in two categories: 'Best reserving software' for Res Q and 'Best use of cloud technology' for vGrid. Read more