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Making the journey to IFRS 17: Marcus Evans conference shares the roadmap

Posted on — by Dr. Gabriel Zarnauskas

Achieving compliance with IFRS 17 is a journey. A recent Marcus Evans conference in London shared an excellent overview of the roadmap and milestones along that journey.

On 11th and 12th March 2019, Systemorph joined the 2nd annual Marcus Evans conference on “Managing Insurance Contracts under IFRS 17”.

Key players in the insurance and reinsurance markets gathered to share their experiences on developing appropriate controls, models and systems according to IFRS 17, the new international standard for insurance industry reporting.

We were honored to join the conference with Brian Bissett, Group Chief Actuary at Zurich Insurance Group, who joined our founder and CEO Dr. Roland Bürgi in presenting an informative session on the Zurich project deploying our IFRS 17 Solution. Earlier this year we announced Zurich’s selection of our platform as part of a project to accelerate and streamline IFRS 17 reporting and compliance.

Most of the presentation was focused on the demo of our application and it was immediately clear that Systemorph’s comprehensive and revolutionary solution, powered by the Vertex Platform, successfully covers all challenges arising from an IFRS 17 implementation project:

  • Data Management: This crucial step involves importing cashflows, actuals and parameters, dealing at the same time with granularity issues and potentially missing data.
  • IFRS Computations: The methods need to fit the data situation in the company. And they need to be tested with real data and projected under various scenarios.
  • Governance and Documentation: Clear Business Processes wit strict control of who can view which data, communication of status and timelines and process documentation are an integral part of an IFRS 17 solution.

Our solution addresses those issues and many more:

  • Comprehensive solution

    A single platform combining data-gathering workflows, a master data hub, a calculation engine, and analytics, reporting and visualization tools.

  • High data quality

    Real-time data validation at all reporting and analysis levels, with formula drill-down to original inputs.

  • Multiple concurrent data management workflows that can be executed across hierarchical teams. Collaboration features include comprehensive change documentation and controlled reporting, editing, analysis and sign-off tasks based on user roles.

  • Automation

    Continuous, automated processes providing consistent task repeatability, delegated data management, and centralized aggregation for business process reporting. The result is a major boost to user productivity.

  • SaaS-Plus product

    Modern cloud-powered Software-as-a-Service (SaaS) technology delivers all needed functionality out of the box but with easy customization. Customers operate their solution securely in the cloud and receive enhancements automatically throughout the product lifetime.

How far are you along your IFRS 17 Implementation journey?

Have you succeeded in importing your cashflows and actuals into your chosen IFRS 17 Solution despite differing granularity? Do you know the impact IFRS 17 will have on your P&L, Balance Sheet and Return on Capital?

Systemorph’s unique  Four Week Proof of Concept  yields tangible, usable results based on real business data, bringing immediate value to business processes such as those supporting IFRS 17 compliance.

If you want to go beyond slides with hypothetical and simplified cases, contact us. We are standing by to kick-off your Four Week Proof of Concept and start answering your pressing questions with a real Solution.

Systemorph’s innovative financial data management solutions provide you with a powerful platform for your IFRS 17 reporting process. Learn more about the best practices for IFRS 17 compliance in our expert series of articles.