The addactis recipe to perform an IFRS 17 POC in 2 weeks
In every worldwide known recipes of the “French top chefs”, the mix between cutting edge expertise and best relevant ingredients is generally key to success.
The addactis secret to achieve insurers IFRS17 needs is a crystal clear concept : a versatile solution which onboards a pragmatic and technically advanced vision that fully meets markets’ expectations.
Our experts designed the addactis® IFRS 17 solution to combine access to standard methods with the possibility to customize any process leading to a perfect fit with the internal requirements and specificities of the insurance company.
As a result, the different modules of the meal allow teams to work independently at the successive steps of the IFRS 17 process (from data preparation, to Cash Flows & Risk Adjustment engine, consolidation, IFRS 17 calculations, accounting and reporting) then to combine them together in a transparent and user-friendly interface (thanks to the addactis® Platform Software) : the exact opposite of complex and “black-boxes” solutions.
The addactis® IFRS 17 solution can be used as an out-of-the-box solution which can decrease the implementation timeline to only few months – several options for the implemented methodologies allow to fit to most of companies needs.
For the more “gourmets” players which want to dive into deeper customization, the standard is a key accelerator for the implementation – no need to start from scratch as all the models have already be implemented by addactis experts!
“Our standard solution allows us to perform POC (from the data transformation to the creation of the journal entries) in only 2 weeks based on the clients data”
says Harry NIKOLAOU, Head of IFRS 17 in addactis.
After numerous implementations carried out in 2020 (Europe, Latin America, Asia..), addactis® continues its IFRS 17 success story in 2021. According to Harry:
“The major assets of the addactis® solution appreciated by our customers are based on the proximity of addactis® support and the quality of the skills transfer provided by the addactis®’ experts, combined with the high level of technical and functional completeness of the solution and the ability of the software modules to meet the various requirements (thanks to our development roadmap anticipated and led by our Product & Technology department since a few years).”
Stéphanie DAUSQUE, Partner at Addactis and addactis® IFRS17 expert, adds:
“Most of our small and medium-sized clients also recognize themselves in a responsive and versatile solution provider, a real challenger to the large global providers. Our solution is especially appreciated by our partners as it allows them to meet their long-time clients’ needs regarding IFRS17”.
The addactis success story: a deep understanding of stakes involved
Our IFRS 17 journey began nearly 20 years ago when we launched our first reserving software – IBNRS® – in 2003.
Over the years, we have been able to acquire a strong and recognized expertise in reserving calculation, and IFRS17 has been the logical extension of our offer.
In 2017, we created our internal Taskforce composed by R&D experts, actuaries and accountants, software designers… We have now succeeded in answering the main questions of insurers regarding IFRS 17: how to understand the regulation and above all, how to transform all the principles into a standard and flexible end to end solution covering all the topics: Actuarial (Cash Flow/RA /CSM engine), Finance (Subledger), andIT (ETL and Dataflow of the process).
The Top 3 IFRS 17 insurers’ needs
Our proximity to companies of all sizes, both in life & health and non-life insurance, allowed us to identify 3 main needs from insurers regarding IFRS 17:
- to benefit from a tool that streamlines & facilitates interactions within and between IT, actuarial and finance departments.
- to have a modular and versatile solution compatible with a progressive and gradual setup of an IFRS17 solution over time.
- to efficiently implement a solution leading to IFRS 17 compliance by a trustable provider, able to train their teams and transfer all the required skills.
To go further…
Addactis to launch IFRS 17 data manager tool
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.