Insurance Industry Consulting Banner
Solutions

IFRS 17 Solutions

IFRS 17 Solutions

How we can help you turn IFRS 17 into a success story

Our experienced IFRS advisors can help you understand IFRS accounting requirements applicable to the insurance industry, focusing on IFRS 17 - Insurance Contracts (replacing IFRS 4) in interaction with IFRS 9 - Financial Instruments (replacing IAS 39). Our comprehensive range of services includes:

ASSESSING I.T. SYSTEMS IMPACT, GAPS AND SOLUTIONS

Towers Watson Media

Starting from your current insurance contracts project status and using your existing actuarial IT reporting landscape, we will guide you through IFRS 17 system requirements. Throughout the project we will partner with your actuarial, IT, and reporting experts, to develop an initial, high-level blue print, with planning and budget estimates for the full IFRS 17 project.

After assessing the impact on your IT systems, we will work with you to identify and implement pragmatic steps to fill any gaps identified, leveraging any Solvency II synergies we can as effectively as possible.

As the World’s largest supplier of actuarial software, we are able to offer a wide range of modular software solutions to help in your IFRS 17 implementation:

  • Solutions for Life - A portfolio of integrated software and consulting solutions for your risk and actuarial process demands (for example, RiskAgility FM represents the heart of the cashflow production for Life Businesses).
  • Solutions for P&C - A portfolio of software solutions for Property & Casualty Insurers (for example ResQ represents the heart of the cashflow production for the P&C Businesses).
  • Unify - our flagship enterprise product for actuarial/risk systems integration, especially providing the necessary governance and auditability around the actuarial cashflow production indispensable for the production of IFRS figures.

Using Unify to bring together systems for IFRS

Using Unify to bring together systems for IFRS
Click to enlarge

What we can do:

  • Review current actuarial cash flow modelling and associated reporting and compare with requirements under IFRS
  • Identify reporting and system gaps
  • Develop a ‘blue print’ to integrate core actuarial systems and address any gaps identified
  • Based on your specific needs, we will help you to identify software solutions, or system developments, needed to plug any gaps identified

How you will benefit:

  • You will have a clear picture of your current position and any actions required to ensure compliance under IFRS 17
  • We will deliver an outline action plan and indicative costs to implement the changes identified
  • We will identify specific, modular software solutions to help with your IFRS 17 implementation

ANALYSING THE BUSINESS IMPACT OF IFRS 17

Towers Watson Media

IFRS 17 is principle-based and as such comes with a range of implementation options, each with different potential impacts on the business, as well as on the Profit and Loss statement.

In advance of the detailed, large-scale implementation, we will work with you to first assess the impact on your business and P&L. This helps your finance team to narrow down the implementation options in a clearly defined accounting policy – with the benefit of fewer surprises for the CFO post implementation!

What we can do:

  • We will work with you, your finance function, your IT team and your IFRS 17 implementation team to identify the implementation options that best meet your business’s needs
  • We will identify the impacts of each option on the business and model the financial impacts
How you will benefit:
  • You will have a clear picture of the implementation options available to you and the financial and business impacts of each
  • There will be far fewer financial surprises post implementation

DESIGNING, IMPLEMENTING AND TESTING I.T. AND REPORTING PROCESSES

Towers Watson Media

As a result of the introduction of IFRS 17, there will be a significant change for insurance groups in the content and structure of data captured from business units to support group statutory and regulatory reporting. A key challenge will be to ensure that these different types of data are available and that systems have the flexibility to accommodate differences between Solvency II and IFRS 17.

We are an integrated consulting and software provider, and our experts provide business advice, solutions and software. We will work with you to help specify the actuarial IFRS 17 requirements for your specific situation. We can then design, implement and automate your actuarial reporting processes, taking into account best practice processes, and the latest IT and software solutions.

For many insurers, the optimisation of existing actuarial processes will already be underway. However, if you haven’t yet started to optimise your processes, there is still time and we can help you to undertake the necessary steps. And if you are already working towards optimising your systems, we can provide an independent view to help ensure you are on track to deliver the right processes, with the right specifications, at the right time – and crucially that it is suitable for IFRS 17.

Finally, as experts in software development and implementation, we have developed an implementation process and standards guide that can be adapted to best meet our client’s needs for the IFRS implementation project. And a phased test process for predefined test cases assures the functionality and quality of the implementation.

What we do:
  • We will work with you to specify the actuarial IFRS 17 requirements for your specific situation.
  • We will work with you to design, automate, test and implement and your actuarial reporting processes
How you will benefit:
  • You will be confident that you are capturing the right data from your business units to support group statutory and regulatory reporting
  • You can be confident that your systems and processes have been optimised, taking advantage of best practice processes, and the latest IT and software solutions.

DEVELOPING AND DELIVERING EMPLOYEE AND MANAGEMENT TRAINING

Towers Watson Media

Pillar II governance and control frameworks have raised the benchmark in terms of governance and quality of documentation required, and the processes developed to report under the new insurance accounting standard will need to be auditable. To successfully implement and embed all the changes required under IFRS 17 will need proper understanding and buy in from all of your team, so you will need to invest time and resources into educating and training your staff and management.

We will also train your actuarial staff on the requirements so that they are in a position to specify necessary cash-flow modelling changes and amendments for IFRS 17. Experience from Solvency II and other GAAP conversions demonstrates the need for formal governance structures and strong project management. Therefore, it is critical that you are supported by experienced change managers with knowledge of insurance reporting, IFRS 17 Phase I and Solvency II conversions.

What we can do:
  • We will work with you to develop a suite of internal communications and training materials
  • We can develop and run a series of workshops to educate your actuaries and others involved in reporting under IFRS 17, to help ensure your teams understand the key changes and the implications of those changes
  • We can develop and run a series of workshops to train your actuaries on the new requirements so they can specify changes to cash-flow modelling, etc
How you will benefit:
  • Your team will be clear about what they need to do – and what they need to do differently – post implementation of IFRS 17, ensuring you have the right processes, governance and quality of documentation in place.

This website uses cookies, as described here. By continuing to use this website, you consent to our use of cookies in this manner.

You must be logged in to access this feature.

Email is invalid Log-in with WTW network credentials
Password is invalid
Forgot password?


Haven't registered yet?

Frequently Asked Questions