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ResQ Financial Reporter

ResQ Financial Reporter takes the complexity out of IFRS 17 for P&C and composite insurers, saving you time and effort in your end-to-end IFRS 17 reporting processes. And by freeing up valuable time and resources, it allows you to focus on the core activities that matter most to your business.

ResQ Financial Reporter is an out-of-the-box IFRS 17 solution aimed at P&C business. It addresses the key challenges and complexities of the standard, whilst ensuring that reserving and other assumptions can flow seamlessly into the appropriate measurement models and through to finance systems.

Implementing both the GMM and PAA measurement models, ResQ Financial Reporter addresses the process challenges of the standard and greatly eases the implementation costs by providing strong assumptions management features and ready-mapped outputs conforming to the IASB taxonomy.

ResQ Financial Reporter is a calculation and data management solution that takes the complexity out of IFRS 17, so companies can focus on the core activities of the business. It provides an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of this complex standard.

Users are able to move though a flexible, intuitive, well-governed, audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver the IFRS 17 financial statements in a timely, cost-efficient manner.

Why should you use ResQ FR?

  • Out-of-the-box functionality and modelling options with no configuration of calculations required, limiting the need for time-consuming development of bespoke component, dramatically reducing implementation times
  • Facilitates the generation of many inputs, parameters and assumptions from the core reserve analysis, including creation and management of cashflows from period to period
  • Roll forward feature to bring over carried forward assumptions and model selections from previous periods
  • Detailed and flexible outputs to allow integration with finance systems. Structure reporting with outputs for analytics and pre-defined accounting rules linking the outputs to journal postings against a WTW default IFRS 17 CoA
  • Individual user authentication and role-based profiles deliver comprehensive governance and risk controls. All inputs, assumptions, and outputs locked and stored for auditability and governance. Enhanced governance through optional integration with our workflow management and control solution, Unify.

You can benefit from…

  • Rapid implementation
  • Out-of-the-box functionaility
  • Integration with current systems and data sources
  • End-to-end reporting process and roll forward
  • Easy maintenance
  • Comprehensive audit trails and governance

Process and workflow

ResQ Financial Reporter can work as a stand-alone calculation engine or alongside ResQ, Willis Towers Watson’s market-leading reserving solution, and integrate with Unify, Willis Towers Watson’s workflow management, automation and systems integration solution. The diagram below outlines the IFRS 17 workflow and where ResQ Financial Reporter fits in.

ResQ Financial Reporter and the IFRS 17 workflow
ResQ Financial Reporter and the IFRS 17 workflow
There are seven key elements in the ResQ Financial Reporter work flow: the allocations and transformations module; the reporting module; the measurement models; the diagnostics module; and financial statements; disclosures and cash flows. Your data feeds, including CSV files, ResQ files and other databases, flow into both the allocations and transformations module, and reporting module. Information from the allocations and transformations module flows into the reporting module, then up into the measurement models, whether either the general measurement model or the premium allocation approach can be applied. After this, information moves into the diagnostics module before it flows to financial statements, disclosures, or cash flows. There is also a feedback loop from the diagnostics, where data is reviewed and amended, before re-entering the reporting module.
ResQ Financial Reporter - overview
ResQ Financial Reporter - overview
There are six components to ResQ Financial Reporter: • It’s part of our market-leading ResQ reserving toolkit, with the flexibility to be used as a standalone solution • The allocations module supports transformation of reserves and patterns to different levels of granularity or to different bases • It has an IFRS 17 calculation engine for P&C insurers, which can use both the general measurement model (GMM) and the simplified (PAA) model • It produces the information required for reporting and key business decisions, including disclosures and diagnostics, to support the validation of the estimates • It fully integrates with Unify, Willis Towers Watson’s workflow management solution, to enable rapid production of reporting process in a secure and transparent environment • It offers flexible data import and export to allow ease of integration with data and financial systems.

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