Moody’s Analytics has launched RiskIntegrity™ IFRS 17, a cloud-ready solution designed to help insurers report under International Financial Reporting Standard (IFRS) 17, the new standard governing insurance contracts.
This new software will support insurers as they work to meet the 2021 implementation deadline for the standard.
RiskIntegrity IFRS 17 offers insurers an automated, secure, and flexible solution for managing a complex, data-intensive process and performing key calculations, helping to bridge actuarial and financial reporting functions, said Moody’s, noting that it integrates with the Moody’s Analytics AXIS actuarial system, and is fully compatible with other actuarial systems.
The software supports the needs of insurers to aggregate data and results across their organizations, including multi-level, multi-currency consolidation, and intra-group transactions, and offers the capability to operate across single or multiple locations, said Moody’s.
It covers multiple lines of business, including life, health, P/C, and reinsurance, while addressing key requirements of IFRS 17, such as contractual service margin (CSM) calculations, detailed movement analysis, general ledger posting and preparation, and data and workflow management.
“Under IFRS 17, financial reporting requires complex actuarial calculations to quantify balance sheet items and identify sources of profit and loss,” said Christophe Burckbuchler, head of Insurance Strategy and IFRS 17 Solutions at Moody’s Analytics.
“As a result, implementing IFRS 17 requires greater integration of actuarial and accounting systems, creating significant operational challenges related to data, modeling, governance, and auditability,” he added.
Clients can choose from several deployment options for the RiskIntegrity IFRS 17 solution: software-as-a-service, private or public cloud, or on-premise installation.
“Insurers are starting to embrace the opportunities afforded by new technologies, but also have to integrate new and existing systems”, added Burckbuchler. “We have designed the RiskIntegrity IFRS 17 software to ensure that firms can select the approach that best suits their situation.”
Source: Moody’s Analytics
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