IFRS 17 Solutions

IFRS 17 standardizes insurance accounting globally to improve comparability and increase transparency, and to provide users of accounts with the information they need to meaningfully understand the insurer’s financial position, performance and risk exposureThe IASB published a new standard, IFRS 17 ‘Insurance Contracts’ on Thursday 18 May 2017. The key task for insurers right now is to make the appropriate implementation decisions. IFRS 17 presents opportunities to harness data more effectively, to improve the structure of your finance function and to better inform your decision making. Ultimately IFRS 17 is about what story you want to talk about your company. We have brought the IFRS risk-integrity solution which helps in mitigating the following problems 

  • Different accounting policies per insurance contract 
  • Lack of comparability of insurance companies across the countries. 
  • Estimates not updated, and profit is difficult to identify the key drives of profit. 
  • Lack of comparison between insurance vs non-insurance companies.  

Features of the product

Solutions with Interactive and hassle-free interface and seamless functionality ensure that you get the best of experience.

Making Entries

Creates interim accounting and journal entries from the calculations. ​

Processing Calculations

Applies 3 different approaches to process the group of contracts. Process the calculations and other functionalities necessary to meet the IFRS17 standards. ​

Output fed to system

Output of the calculations will update the company’s overall ledger. Also, this output will be fed into a system that generates the Financial reports of the company.  ​

Reporting

Aggregate's information and produces the required reports; visualizes different reports.

Know more about IFRS 17

Benefits

Our products are efficient, durable, ensure peak experience and are apt to solve your most intricate problems and require very low maintenance.

Helps insurance contractors in transition from IFRS 4 to IFRS 17 framework 

Provide complete user access management 

Configures data import and transformation rules 

Calculate IFRS-17 measures 

Provides complete database security 

Solutions can work with existing data warehouses 

Scalable data management capabilities 

Automated workflow which minimizes execution time 

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