Are you ready for the new IFRS 17 international accounting standard?
- Learn if application meets/exceed demonstration in practise in organisation – at “low to zero cost risk”.
- Identify if besides standard solution addition requirements are needed.
- Learn how the service of the support team works in practise.
The benefits and added value of this trial for finance and actuarial team:
- For the actuarials it provides the opportunity to calculate the CSM for the 3 models (PAA, GM and VFA).
- If required, eligibility testing is part of the trial.
- Finance can see and judge the output for the (sub/general) ledger or journal entries.
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“Since 4 years, we have welcomed over 100 insurers in the areay of IFRS 17 and Solvency!”
“Experience our trial, the software and our team will help you exceeding your requirements in IFRS 17”
Erwin van Dixhoorn, Managing Director
Our IFRS 17 solution has the following core capabilities:
- Calculation of the CSM for the available models, being PAA, GM and VGA.
- Discounting methodologies.
- Capturing of onerous contracts and loss components.
- Reconciliations including CSM showing the movement from opening balance to closing balance per Unit of Account (UoA).
- Creation of disclosuresCreation of journal entries to feed back into the general ledger.
- Governance and auditing
We will help with the implementation and setup of the IFRS17 calculation models PAA, VFA and General Model (BBA) and the processes and workflows. Part of this implementation is training for the end users. During the initial phase, we can assist in actuarial questions, such as eligibility assessments.
Our systems can be configured to meet any specific requirements. Our experts can provide you with a configurable and/or customizable solution. Ask for the options.
Business as usual
Once implemented, our team will be available to support you with software, IFRS 17 and related actuarial questions. The software will be maintained and upgraded. If IFRS 17 standards change in the future, updates follow accordingly.
Additional on request:
Where insurance clients appreciate:
- Support outside business hours
- Actuarial support
- General IFRS17 training
Business Analyst, SecondFloor
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IFRS 17 Process
Ensuring you file your submission according to the regulator’s standard and in time is our main priority. Additionally, we’d like to improve your productivity while maintaining process control: Excel input templates available in the system. These include drop-down lists containing values per the effective taxonomy. Technical validations. The system validates your data (e.g. predefined values, data format). To quickly resolve any issues, the system instantly creates an overview with detailed information. Calculations are transparent. All inputs, calculation models and disclosures are available for download in Excel format. Our IFRS17 solutions are fully serviced and with our SaaS solution there’s no need for installing any additional software or applications. Furthermore, your data is stored in a secure data center in the EU. Or, alternatively, the software can also be hosted at your own location.