IFRS 17 is the latest global insurance accounting standard and introduces a raft of changes to the way Insurers and Reinsurers are required to report the results of their insurance operations. Despite the introduction of the standard in 2017, many Insurers and Reinsurers continue to ask themselves how they can comply with the new requirements without tearing up their existing finance and actuarial processes and systems?
Finding the right technology solution has become a focal point of IFRS 17 implementation programmes worldwide. At PwC, we have developed an IFRS 17 solution that is highly pre-configured, designed to take the headache out of implementation.
Welcome to PwC’s IFRS 17 In A Box.
In partnership with our global PwC accounting and actuarial experts who know the new insurance standard inside-out, IFRS 17 In A Box has been developed by our specialist financial services technology team utilising the same market leading technology that has already successfully delivered IFRS 9 and 16 valuation and reporting software to the market.
IFRS 17 In A Box is easy to implement, cost effective and robust. Available to run on the cloud or on premise. IFRS 17 In A Box delivers instant capability to produce PAA, BBA and VFA results and has all the functionality needed to meet the needs of P&C and Life Insurers and Reinsurers alike.
Interested? Let’s have a closer look inside the box.
[Video moves to Software demo – starting with reporting layer]
Our favourite feature is the in-built visualisation and reporting tools supported by either Tableau, Micro strategy or Power BI. Making sense of the numbers is one of the many new challenges that will face finance and actuaries alike. Our suite of pre-configured reports will enable you to quickly analyse the movement in key financial line items such as the Liability for incurred claims.
Want to drill down further? Simply click through our user friendly dashboards to see the transactional detail below with the added benefit of being able to download this data to your PC.
[Software demo – data storage and integration]
In the data storage and integration layer you will have the opportunity to make flexible portfolio structuring decisions, helpful when initially establishing your unit of account and in the event that your business changes. This is also the place where you set assumptions and upload your data sets, with pre-configured data quality checks ensuring a successful model run.
[Software demo – workflow management]
Ensuring the process is subject to appropriate control and review, our in-built workflow management module can enforce segregation of duties, manage and monitor process responsibilities and ensure key activities are appropriately approved. You can also use our simulation capability to check your results before committing the results to your sub-ledger. This function can also be used to perform “what if?” analysis.
[Software demo – risk adjustment module then move to accounting sub-ledger]
Additional features include a PAA eligibility module, a highly flexible risk adjustment module capable of stochastic risk capital calculations, full archiving of model runs to aid auditability, and a complete accounting sub-ledger with a pre-defined IFRS 17 Chart of accounts, pre-configured accounting scenarios, and debit credit logic for almost every product and insurance event we could think of!
PwC’s IFRS 17 In a Box is ready for you and can be implemented right away to support your decision making process and run all your financial impact assessments.
PwC’s IFRS 17 In A Box solution isn’t just the software. Additional bespoke accelerators ranging from a data dictionary, a suite of accounting policies, methodology documentation to an outline end to end implementation plan covering all system integration requirements is available should this be required.
If PwC’s IFRS 17 In A Box looks like the right solution for you, please register your interest and a member of our team will tell you more about both our In a Box and Enterprise offerings.
Partner, Insurance Consulting, IFRS 17 In A Box Global Lead, PwC United Kingdom
Tel: +44 (0)7595 850012