A new reporting requirement is transforming data management across the insurance industry.
Are your data management and reporting processes ready for IFRS 17?
The International Financial Reporting Standard 17 (IFRS 17) takes effect in 2021 and creates an internationally consistent accounting standard for insurance contracts.
Many in the financial services industry have taken steps to modernize their approaches to managing, analyzing and reporting financial data in recent years.
Current Data Only, Please
IFRS 17 will require insurers to publish detailed financial reports, disclosing current, accurate contract data in a more timely fashion than with traditional reporting practices.
In the past, an insurer could spend weeks or months gathering data, analyzing it, correcting issues, reworking analysis, and finally issuing reports.
This kind of drawn out process won’t fly any longer. An IFRS 17 compliant reporting process will require that contract data be collected, analyzed and reported in a matter of days.
Furthermore, the data underlying reports must be as current as possible and insurers must be ready to collect, consolidate, analyze and report on the data while it is very fresh.
This requirement demands streamlined data reporting processes with simple data collection and reporting workflows that are tightly coordinated with the central data collection process. At the same time, the data management systems must be able to re-validate data and flow changes through the rest of the data analysis and reporting process.
Additionally, many consumers of the reports – auditors, shareholders, clients, regulators, institutional investors, and soon – may ask for reports requiring rapid slicing and dicing of data in many different ways.These new demands on reporting call for data collection and analysis to be reinvented.
Nimble Data Management for Nimble Reporting
Systemorph and Synpulse have teamed together to enable insurers to revolutionize their processes for creating and using financial data to comply with IFRS 17.
The new approach uses Systemorph’s groundbreaking IFRS 17 Solution to accelerate data collection, simplify reporting processes, and streamline calculation and analysis.
The result is nimble data management that enables nimble reporting for IFRS 17 compliance.
Together Systemorph and Synpulse provide workable software for data management and reporting within weeks rather than months or years as in traditional data management processes. This innovative approach accelerates implementation of an insurer’s reporting process for IFRS17.
The Systemorph IFRS 17 solution utilizes the cloud-enabled Software-as-a-Service functionality of the Systemorph Vertex Platform. This provides powerful yet simple features and functions for creating models, integrating data feeds, calculating outputs, and generating reports.
The product combines data-gathering workflows, a master data hub, a calculation engine, and analytics and visualization tools into a single solution. It supports an end-to-end business process that centralizes data control while distributing data management tasks.
The product provides users across the entire reporting process with intuitive data management tools that are as simple as using a smartphone app.
The interface standardizes data reporting and validation processes, ensuring data is collected very quickly and validation is smooth and simple. As a result, data is current and accurate at all reporting and analysis levels.
The system enables the insurer to easily adopt models and valuation methodologies in the IFRS 17 standard, including the GeneralMeasurement Model, Building Block Approach, Premium Allocation Approach and others.
IFRS17 Solution Foundation in Four Weeks
Synpulse’s finance, accounting and actuarial knowledge and deployment experience enable the Systemorph product to be operational to manage real company data very quickly.
In fact, a live system using real data can be ready in only four weeks.
That means an insurer’s business managers can explore their modeling and reporting ideas in working software rather than trying to plan abstractly with diagrams or long documents.
Our solution lets business managers see their methodologies come to life, allowing them to analyze and refine them in real time. Rapid iteration enables managers to make the right choices for modeling and calculation without setting their decisions in stone.
What we deliver in four weeks
After 4 weeks you have results based on two IFRS17 methodology variations. Enabling you to make a well-informed methodology choice for your company.
This revolutionary approach is possible because of the Vertex platform’s unique technology, which was developed hand-in-handwith this agile development process and serves as its underlying foundation.
Many insurers looking to comply with IFRS 17 no longer have the appetite for long, expensive, staff-intensive software build-out and customization projects.
Instead, the Systemorph and Synpulse approach brings modern software, cloud technology and advanced deployment techniques to form a tailored, highly efficient IFRS 17 reporting process.
In the end, the solution permits insurance businessmanagers to focus on business content, not on the software or the projectsneeded to build it.
Contact us today
Learn more about how the Vertex platform will simplify and streamline your IFRS 17 reporting project.
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.