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Success Story

Filling gaps in the IFRS 17 puzzle

Insurance Consulting and Technology
Insurer Solutions|IFRS 17 Solutions

December 3, 2019

Willis Towers Watson has been tasked with supporting a large European insurer with its implementation of the IFRS 17 insurance accounting standard, with the stipulation that the actuarial solutions and software employed must seamlessly integrate into its SAP accounting platform.

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.

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