IFRS 17 Solution for Insurance

The International Accounting Standard Board (IASB) issued IFRS 17 as the new Accounting Standard for measurement of liabilities of insurance contracts on May 18, 2017. The Standard is to be applied for financial reporting from January 1, 2022.

The new standard brings significant changes into measurement and accounting of insurance contracts that, without the right strategy, will lead to a time-consuming and expensive overhaul of financial management processes, applications, and operating models.

The impact of IFRS 17 is extensive across your entire organization, affecting the accounting policies, systems, and processes you have in place. For this reason we have an IFRS 17 solution that benefits everyone.

Our automated solution has a proven track record of:

• increasing efficiency,
• decreasing cost, and
• reducing risk across all departments.

We also provide full maintenance and support during the process of data collection, calculations, reporting, and disclosures.

This way you can focus on your business with confidence that you’re in compliance with regulatory standards.

Key features of the software solution

Fast setup

Preconfigured solution gets you compliant quickly with a lower total cost of ownership (TCO).

Single Version of Truth

Creates a single contract data repository to accurately calculate, report, and disclose.

Easily Integrated

Our regulatory solutions are non-disruptive to existing architectures they integrate with all your systems, whether they are on premises or on the cloud.

Flexible Modeling

Easily extend and maintain the library of contract models , configure calculation logic and rules with a Finance friendly interface to stay compliant.

Resources by experts

The ultimate IFRS 17 software checklist

Discover exactly what an IFRS 17 software should deliver and find a solution that meets all your requirements.

Read more

The Common Pitfalls of IFRS 17 Compliance

Start your compliance journey on the right foot by avoiding these five common IFRS 17 pitfalls, ensuring a strong foundation for long-term success.

Read more

Technology

Wolters Kluwer

CCH Tagetik IFRS 17 software solution streamlines compliance by combining a robust data engine with a centralized reporting hub. This all-in-one solution provides a data repository, calculation modelling, reporting, and disclosures in a user-friendly interface. Designed specifically for finance, it enables effortless adaptation to evolving standards without the need for coding. CCH Tagetik IFRS 17: Insurance Contracts software is recognized by leading Analysts.