AxiomSL has launched its IFRS 17 solution, which offers an industrialised end to end process to efficiently address the highly intensive IFRS 17 requirements. AxiomSL’s IFRS 17 solution provides automation with strong data management, reconciliation, flexibility and traceability capabilities whilst reducing the Total Cost of Ownership (TCO) and operational risks as well as ensuring quick time to market.
IFRS 17 is a new global accounting reporting standard that impacts every firm which underwrites insurance contracts and reports under International Financial Reporting Standards (IFRS). With IFRS 17 taking effect from 01 January 2021, firms are under extreme pressure to put the right systems in place to tackle the unprecedented challenges introduced by the new accounting framework.
Firms moving from the predecessor of the new standard, IFRS 4, to IFRS 17 will experience substantial implementation difficulties. The new framework demands a much-improved collaboration between actuarial and finance systems. As a result, firms are presented with considerable operational challenges surrounding data availability, data quality, grouping, measurement, governance, audibility and reporting. Many current systems that involve manual methods can be highly capital-intensive, error-prone and time consuming.
AxiomSL empowers firms to meet the complex IFRS 17 requirements around data, grouping, measurement and reporting with an end to end automated solution. AxiomSL’s IFRS 17 solution eliminates the manual processes and ensures measurements are executed with traceability and flexibility, whilst offering fast implementation and reducing operational risk.
Ed Royan, CEO, AxiomSL EMEA commented: “IFRS 17 is a significant milestone for firms underwriting insurance contracts. The new standard presents highly complex requirements, fundamentally affecting all facets of a firm’s business model. We are pleased to empower our clients to tackle these wide-ranging challenges through AxiomSL’s strategic platform, connecting finance and actuarial systems. Our holistic approach links processes and systems with inherent data management capabilities, whilst greatly reducing implementation time and cost to comply with the new standard.”
Sufyan Khan, IFRS 17 Product Manager, AxiomSL EMEA commented: “IFRS 17 calls for enhanced systems and processes, particularly around data management, aggregation and computational power for measurement of Contractual Service Margin (CSM). Our end to end process from data capture to reporting is completely transparent and traceable. The solution encapsulates all the key elements from data consolidation, portfolio aggregation, flexible cash flow modelling and measuring CSM based on General Measurement Model (GMM), Premium Allocation Approach (PAA) or Variable Fee Approach (VFA) to finally reporting to the IFRS taxonomy in a single platform.”