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.

Resource prepared by experts

Functionalities of IFRS17 demonstrated on simple contract

A breakdown of functionalities based on a simple 3 year contract.

Download

Technology

Wolters Kluwer

In its 2020 Magic Quadrant for Cloud Financial Planning & Analysis Solutions, Garter recognised Wolters Kluwer’s CCH Tagetik as a field leader.