IFRS 17 represents one of the most significant changes to the insurance industry’s approach to data management and reporting.
The new global standard for insurance financial reporting set to go into effect in 2022, IFRS 17 requires a transformation in how data is collected, aggregated, analyzed and reported.
On March 11-13 in London, our CEO and founder Dr. Roland Bürgi and Zurich’s Group Chief Actuary Brian Bissett will deliver a keynote presentation at the Marcus Evans conference “2nd Annual Managing Contracts under IFRS 17”.
Roland and Brian will share important lessons learned from the implementation of systems to comply with the new regulation, in a presentation titled “IFRS 17 Implementation at Zurich: Status and Learnings.”
They will discuss the status of the ongoing implementation project at Zurich, describe the challenges and solutions, and demonstrate an IFRS 17 reporting system.
Roland and Brian also will join a panel discussion with Allianz SE & Swiss Re to focus on “Updating finance and actuary systems to be IFRS 17 ready.”
The discussion will cover the impact on core insurance, investment, actuarial and reporting systems, and will describe changes, flexibility requirements and new system functionalities and features for IFRS 17.
Systemorph’s IFRS 17 Reporting Solution automates and simplifies the end-to-end gathering, calculation, analysis and reporting of data for IFRS 17 compliance.
The groundbreaking Systemorph product enables quick definition and implementation of all applicable IFRS-17 methodologies, including General Measurement Model, Building Block Approach, Premium Allocation Approach and others.
Built on the company’s innovative Vertex Platform, the Systemorph solution combines data-gathering workflows, a master data hub, a calculation engine, and analytics, reporting and visualization tools into a single solution.
The solution executes multiple concurrent data management workflows across hierarchical teams. It features comprehensive change documentation and controlled reporting, editing, analysis and sign-off tasks for users based on their roles.
Systemorph’s IFRS 17 solution enhances user productivity via continuous, automated processes providing consistent task repeatability, delegated data management, and centralized aggregation for business process reporting.
The solution also features real-time data validation at all reporting and analysis levels, with formula drill-down to original inputs.
Our solutions are “SaaS-Plus” solutions, delivering all needed functionality out of the box but with easy customization thanks to cloud-powered Software-as-a-Service (SaaS) technology. “SaaS-Plus” means customers operate their solution securely in the cloud and receive enhancements automatically throughout the product lifetime.