With the new IFRS 17 standard for insurance contracts, insurance companies will have to significantly change the accounting for liability measurement and profit recognition. We have an automated solution for addressing the new and expanding compliance requirements, which provides an IFRS 17 reporting hub including data repository, calculation modeling, reporting and disclosures in an easy-to-use Excel Based solution.
- Loading and mapping from internal and external data sources
- Data repository & analytics
- Data validation & modeling
- Preconfigured data model
- Preconfigured & extendable estimation algorithm
- Reporting & disclosures outputs
- Step by step model manual
- Estimates using the Building Block Approach (BBA), Premium Allocation Approach (PAA) or Variable Fee Approach (VFA).
- Estimates liabilities for remaining coverage (LRC), liabilities for incurred claims (LIC) and contractual service margin (CSM).
- Estimates PV of fulfilment cash flows, estimates risk adjustment and CSM at initial recognition and in subsequent measurements.
- Estimations are performed at a portfolio, sub-portfolio or the proper aggregation level to determine CSM and perform onerous contract test.