The International Accounting Standards Board's (IASB) new accounting standard represents a significant step forward in reporting for insurance contracts and will require changes to existing systems and processes.
Whether you want to find out more about the challenges that IFRS 17 will bring or the benefits from having an an IFRS 17 Expert on your side; the videos above give a brief overview on our IFRS 17 solutions. As one of the very first vendors with both actuarial and subledger capabilities in their solution, FIS is giving you another way to win at IFRS 17. With new features and functions for automation, data management and calculations, find out how we've enhanced our technology over the last year.
Please visit our IFRS 17 micro-site for more videos and information on our IFRS 17 solutions.
The International Accounting Standards Board (IASB) issued IFRS 17 in May 2017 and an amendment in June 2020. The new accounting standard represents a significant step forward in reporting for insurance contracts and will require changes to existing systems and processes.
FIS Insurance Risk Suite's Life and Health liability libraries are designed to calculate the future cashflows, time value of money and risk adjustment for long term business. The FIS Insurance Risk Suite IFRS 17 Group Calculations library uses results from liability models to perform aggregate calculations such as the Contractual Service Margin at the required unit of measurement and generates the statement of comprehensive income as well as associated disclosures. All of the General Model, Variable Fee and Premium Allocation Approaches are supported and, with the use of the Modules and Nested Structures features of Insurance Risk Suite, these values can also be projected.
Similarly FIS Insurance Risk Suite - GI Edition's libraries are designed to calculate the Building Block and Premium Allocation Approaches for short term business.
The IFRS regulations also assume a high level of control and auditability of the data, and FIS have solutions for each stage of the data management process – Assumptions Manager for the inputs, FIS Enterprise Manager for the calculations and results, FIS Process Manager for overall work flow management, and the FIS Data Repository for linking the actuarial data to the chart of accounts within the accounting systems.
The FIS Insurance Accounting Suite is a robust general ledger designed for the insurance industry that also provides dedicated subledger capabilities within the IFRS 17 end-to-end solution. Insurance Accounting Suite produces IFRS 17 financial statements and disclosures from the double sided, debit and credit journal entries representing IFRS 17 business events. The data dimension feature captures required granular details of each unit of account and incorporates drill-down flexibility into reporting.
FIS Insurance Risk and Accounting Suite will help clients meet the calculation and governance requirements of the new accounting standard. It gives insurers the advantage of being able to both report and forecast results, allowing them to manage their business within a single platform. FIS is committed to helping clients satisfy the demands of IFRS 17, and will continue to update products and communicate findings as insurers begin their implementations. In addition, we provide comprehensive services to assist with implementation, covering actuarial or technical support, project management training and other managed services.
FIS encourages our customers to engage with us on this - both about the capability to meet the calculation requirements and about introducing the controls and software needed to ensure that analysts are convinced by the commentary on financial results and risk management. Please see below for more details.