IFRS17/9 C-Level Reporting

 

The IFRS17/9 closing process requires working with more underlying numbers than ever before in any business process in insurance. When numbers do not meet expectations, it is often very difficult to find the reason behind the differences.

Currently, only very few solutions that give a fully interactive reporting experience exist. In many cases, rather static formats such as exported Excel books or PowerPoint slides are used to communicate the results. The problem with such formats is that they are difficult to navigate. In most cases, a human is required to explain how to navigate between the results.

The Systemorph IFRS17/9 C-Level Reporting module features easy-to-navigate controls to provide a full overview to C-Level Management and Board of Directors.

Use cases

 

Get Started within Minutes

Our IFRS17/9 C-Level Reporting module can be used within minutes. The solution ships with a ready-made data model and default configurations. The reports can be easily adapted to reflect a company’s build-up of the individual reports and dimensions.

Excel templates are pre-configured to facilitate data collection. Alternatively, data sources such as relational databases or data lakes can be connected to import the data.

Our importers can be flexibly configured so that virtually any data format can be parsed.

Data Storytelling
Every IFRS17/9 closing has its own story to tell. Differences need to be well understood, and they need to be communicated to key stakeholders such as upper management, Board of Directors, investors, and analysts.

Ideally, this story can be explained through data. The Systemorph IFRS17/9 solution allows companies to build such a storyline and to provide navigation between the single items of the story like in Wikipedia where more in-depth knowledge about various aspects can be sought on demand.

Consolidating Data across the Organization
Excel templates are readily available to collect data from the organization. The Professional and Enterprise editions of the Systemorph IFRS17/9 C-Level Reporting Module also contain access control and access provisioning, so that data visibility and editability permissions can be allocated to a particular business unit or legal entity. Furthermore, a Workflow component allows defining a review flow for the data all the way up to the electronic signature.

Our Reporting module is fully auditable. It is ensured that data upload is controlled, and that data is reviewed with due diligence.

Slicing and Dicing

The Systemorph IFRS17/9 data cube collects the data in a cube, and all financial reports can be flexibly configured to aggregate along any dimensions of the cube. It is easy to slice and drill down into individual dimensions. For instance, reports can be viewed along the reporting structure (business units, legal entities, regions, etc).

We also allow viewing of financial statements at virtually any granularity of the data cube. For instance, the P&L of an individual Group of Insurance Contracts, or a particular product or line of business can be computed.

Comparing Results

For C-Level and external communications, it is important to compare IFRS 17/9 financial statements across quarters and years. The Systemorph IFRS 17/9 C-Level Reporting module allows any comparison view to be configured to compare results and KPIs including, but not limited to:

  • Quarters and years
  • Scenarios
  • Forward-looking projections
Integrate with IFRS17 Calculation

The Systemorph IFRS 17/9 Reporting module can be integrated with the IFRS17 Calculation Engine. This allows users to compare results directly on the user interface where the cashflows are uploaded.

It is also possible to combine the use of the IFRS17 Calculation Engine with direct upload of IFRS17 results. In this scenario, business units with their own computation can benefit from the upload or database interfaces, and other units which have not been able to complete their calculation engines can benefit from the Systemorph IFRS17 Calculation Engine.

Data Debugging

IFRS17/9 financials consist of millions of underlying numbers. When results do not meet expectations, it can be related to data errors, and finding errors in data can feel like searching for a needle in a haystack.

This task is made easier when the solution gives you all the tooling to analyze the haystack. With powerful slicing and dicing capabilities as well as filtering, it is easy to drill down into the data to find where the deviation in expectation originates from.

Companies using our IFRS17/9 reporting can find data errors up to 10 times faster due to smart navigation of the results.