Article written by Ronan McCaughey from InsuranceERM
Addactis plans to launch a data manager tool and other features later this year to further assist insurers’ implementation of IFRS 17
The insurance software provider has been active in the IFRS 17 space for several years and already provides an IFRS 17 solution to insurers. According to addactis®, its standard solution allows it to perform a proof of concept from data transformation to the creation of the journal entries in two weeks.
It also offers insurers reserving and capital modeling solutions.
New features to be released this year
It is also developing new features – scheduled for release in Q2 – to its IFRS 17 interim reporting capability designed to answer insurers’ specific needs, such as missing data for monthly or quarterly calculations.
Addactis told InsuranceERM its monitoring interface for the standard will also be improved in order to receive customised key performance indicators. This update will be available in Q4.
Stephanie Dausque’s Interview
Stéphanie Dausque, Partner and CEO of ADDACTIS Asia, told InsuranceERM that as insurers’ IFRS 17 projects approach the parallel run phase, even maintaining parallel systems and processes can be a struggle.
She adds: “At the same time, parallel runs naturally make our clients focus more on the finance story that they will soon have to tell their stakeholders and how best to prepare and communicate this story in a consistent way.
The closer it comes to the IFRS 17 application date, the more addactis® sees clients focusing on compliance and discovering all the elements of the process and calculation models.
The time limitations, in combination with the complexity of the standard, make many insurers look for smart solutions to help them first comply with the standard requirement and gradually in the medium term – scale up and transform the way they run their business.”
Addactis said it had carried out more than 15 IFRS 17 insurance implementations worldwide by April 2021.
To go further…
addactis® IFRS 17 solution: Performing a Proof of Concept in 2 weeks
What’s the addactis secret recipe? Read this article to know more.
Risk Adjusment under IFRS 17: Principles and Operational issues
Risk Adjustment offers a great opportunity for insurance companies to fully exploit their ERM corpus, as the Solvency II framework has enabled them to make considerable progress in this area.
CSM and P&L assessment under IFRS 17
This Paper deals with the drivers of the IFRS 17 Profit, the disclosure of the P&L account, and the solutions identified to handle the volatility and mismatch related to IFRS 17 valuation.