New York-headquartered regulatory reports and risk management solutions’ provider AxiomSL has announced the launch of its IFRS 17 solution to provide an industrialized end-to-end process to efficiently address the highly intensive IFRS 17 requirements.
IFRS 17 is a new global accounting reporting standard that impacts every firm which underwrites insurance contracts and reports under International Financial Reporting Standards (IFRS). The new standards will come into effect on January 1, 2021, and thus, firms have to put the right system in place to avoid any unprecedented challenges due to the new accounting framework.
With IFRS 17 solution, AxiomSL provides automation with strong data management, reconciliation, flexibility, and traceability capabilities and thus reducing the total cost of ownership and operational risks as well as ensuring quick time to market.
AxiomSL EMEA’s CEO Ed Royan commented: “IFRS 17 is a significant milestone for firms underwriting insurance contracts. The new standard presents highly complex requirements, fundamentally affecting all facets of a firm’s business model. We are pleased to empower our clients to tackle these wide-ranging challenges through AxiomSL’s strategic platform, connecting finance and actuarial systems. Our holistic approach links processes and systems with inherent data management capabilities, whilst greatly reducing implementation time and cost to comply with the new standard.”
The standards of the new framework IFRS 17 requires a much-improved collaboration between actuarial and finance systems compared to its predecessor IFRS 4.
AxiomSL is claiming that their solution will equip the firms to tackle the complex requirements of IFRS 17 around data, grouping, measurement, and reporting with an end to end automated solution.
“IFRS 17 calls for enhanced systems and processes, particularly around data management, aggregation and computational power for measurement of Contractual Service Margin (CSM). Our end to end process from data capture to reporting is completely transparent and traceable,” said AxiomSL EMEA’s IFRS 17 Product Manager Sufyan Khan. “The solution encapsulates all the key elements from data consolidation, portfolio aggregation, flexible cash flow modeling and measuring CSM based on General Measurement Model (GMM), Premium Allocation Approach (PAA) or Variable Fee Approach (VFA) to finally reporting to the IFRS taxonomy in a single platform.”