The Client Challenge
Insurers’ financial reporting timescales have been shrinking for a number of years with the introduction of first Solvency II and now, the IFRS 17 insurance accounting standard. Among the particular challenges of IFRS 17 are bringing together analysis and figures that are typically produced separately in actuarial and accounting environments. A large European insurer sought support for its implementation of the standard, with the stipulation that the actuarial solution and software employed must seamlessly integrate into its SAP accounting platform.
Our Solution
We built on the client’s existing licensing of ResQ for property and casualty reserving and RiskAgility Financial Modeler for use in its life business. We designed a complete IFRS 17 Enterprise Solution package comprising the additions of Unify, ResQ Financial Reporter, an IFRS calculation engine, a RiskAgilityFM cluster model and the economic scenario generator, Star ESG to offer efficiency and implementation improvements in the IFRS 17 process and to provide the integration interfaces (both input and output) required by the client. Additionally, we created value and cost savings by consulting on how to better optimize the RiskAgilityFM model used in the life business and by reviewing the reserving process for the property and casualty business.
The Outcome
Work started in October 2018 and is targeted for completion in 2020. This will give the client sufficient time to be fully prepared for IFRS 17 implementation in January 2022 and is expected to result in incorporated automation of some routine tasks, full governance and auditing functionality, and improved data access and sharing, as well as considerable time and cost savings.
Download
| Title | File Type | File Size |
|---|---|---|
| Filling gaps in the IFRS 17 puzzle | .1 MB |
Related Solutions
Insurer Solutions
Insurer Solutions brings together risk, capital, people and operational solutions that help insurers to navigate the challenges disrupting the insurance value chain.
Insurer Solutions: People
The profound shift in how work gets done – and by whom – is forcing insurers to rethink traditional approaches to human capital. We provide deep sector expertise and unparalleled experience to help clients foster talent and gain a competitive advantage.
Insurer Solutions: Operations
Three words frequently define the modern operational challenge for insurers – faster, better, cheaper. We provide solutions for operational transformation to unlock sources of competitive advantage and drive profitable growth.
Insurer Solutions: Capital
Insurers are in a constant battle to allocate and manage their capital, to provide returns in the face of diminished and fluctuating investment returns and product demand. We provide innovative capital management solutions designed to help insurers optimize capital strength and stability, promote resilience and create a framework for capital-based business management.
Insurer Solutions: Technology
Technology is integral to the insurance industry. Astute companies gain competitive advantage through smart implementation. We combine technology engineering expertise with a deep understanding of the insurance industry to create technology solutions that enable insurers to more effectively manage and transform their business.
Insurer Solutions: Risk
Insurance exists to help manage risk. The risk landscape, however, is constantly changing, its complexity increasing and assessment of risk is continually evolving. Drawing on extensive knowledge and expertise from across Willis Towers Watson, we help clients to navigate this landscape through a combination of advisory services and technology solutions to assess, manage, mitigate and create value from risk.