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IFRS 17 Solutions

IFRS 17 standardises insurance accounting globally to improve comparability, increase transparency, and provide accounts users with the information they need to meaningfully understand the insurer’s financial position, performance, and risk exposure. The IASB published a new standard, IFRS 17 ‘Insurance Contracts‘, on Thursday, 18 May 2017. The essential task for insurers is to make the appropriate implementation decisions. IFRS 17 presents opportunities to harness data more effectively, improve the structure of your finance function, and better inform your decision-making. Ultimately IFRS 17 is about what story you want to talk about your company. We have brought the IFRS risk-integrity solution, which helps in mitigating the following problems 

Different accounting policies per insurance contract
Lack of comparability of insurance companies across the countries.
Estimates are not updated, and profit is difficult to identify the critical drives of profit.
Lack of comparison between insurance vs non-insurance companies.

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Features of the product

Solutions with an Interactive and hassle-free interface and seamless functionality ensure that you get the best experience.

Making Entries

Creates interim accounting and journal entries from the calculations. 

Processing Calculations

Applies three different approaches to process the group of contracts. Process the calculations and other functionalities necessary to meet the IFRS17 standards. 

Output fed to the system

The output of the calculations will update the company's overall ledger. Also, this output will be fed into a system that generates the company's financial reports.  

Reporting

Aggregate's information and produces the required reports; visualise different reports. 

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Benefits

Our products are efficient, durable, ensure peak experience, and apt to solve your most intricate problems and require low maintenance.

Helps insurance contractors in transition from IFRS 4 to IFRS 17 framework

Provide complete user access management

Configures data import and transformation rules

Calculate IFRS-17 measures

Provides complete database security

Solutions can work with existing data warehouses

Scalable data management capabilities

Automated workflow which minimises execution time

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