Overview
What is IFRS 17 Solution Suite?
The IFRS 17 Solution Suite, developed by Systemorph AG, is a software solution designed to assist companies in implementing and complying with the International Financial Reporting Standard (IFRS) 17. This suite of tools caters to businesses of various sizes operating in the insurance industry. According...
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Product Details
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What is IFRS 17 Solution Suite?
The IFRS 17 Solution Suite, developed by Systemorph AG, is a software solution designed to assist companies in implementing and complying with the International Financial Reporting Standard (IFRS) 17. This suite of tools caters to businesses of various sizes operating in the insurance industry. According to the vendor, the IFRS 17 Solution Suite offers a range of features and functionalities to support the calculation, reporting, and analysis of financial data related to insurance contracts.
Key Features
IFRS17 TEMPLATE PROJECT: The IFRS 17 Solution Suite provides a standard working IFRS 17 template that can be used immediately. Users can explore all available features and play with prepared examples. It also allows for the creation of a copy of the template and importing data to see the resulting numbers, providing a basis for starting an IFRS 17 implementation.
SMC Calculation Engine: According to the vendor, this solution offers an open source IFRS 17 implementation on the market. It provides transparency, control, and flexibility, allowing users to adjust the solution to their specific needs. Access to specifications, actuarial documentation, and the full source code is granted, enabling extension and adaptation of the standard solution.
Modular and end-to-end: The IFRS 17 Solution Suite covers critical aspects of an IFRS 17 implementation. It offers a modular approach, allowing users to use the solution end-to-end or select specific functionalities as needed. The suite provides examples of use cases, demonstrating its flexibility and versatility, and enables the creation of a professional IFRS 17 business application.
IFRS17 Accounting Solution: Users can import data and calculate Present Values, Risk Adjustment, CSM/LC, and Financial Performance with this feature. According to the vendor, it supports the analysis and understanding of financials related to IFRS 17 and facilitates the production of Accounting Events based on IFRS 17 requirements.
IFRS17 C-Level Reporting: The IFRS 17 Solution Suite provides real-time and interactive reporting capabilities, according to the vendor. It includes preconfigured data models for automation and navigation, allowing the creation of intuitive and flexible reports usable in various tools.
Solve Specific IFRS17 Problems: This feature facilitates the import and transformation of input data using an intuitive business language. According to the vendor, it supports the computation of Present Values and Analysis of Change steps, as well as the allocation and aggregation of data to the desired granularity of the Group of Contracts (Unit of Account). Intuitive reports for detailed analysis can be created on the fly, and it supports the computation of projections and sensitivities.
IFRS17 Test and Benchmark Engine: The IFRS 17 Solution Suite provides a second implementation for comparison with existing results, according to the vendor. It allows users to write numerical tests for systems and creates a robust fallback alternative to avoid unexpected outcomes.
IFRS17 Business Insights and Steering: Users can define and compare scenarios to the reference IFRS 17 best estimate with this feature, according to the vendor. It supports the forecasting of business under IFRS 17, facilitates performance management, business planning, and forecast of IFRS 17 financials, as well as supports liquidity management and risk budgeting.
IFRS 17 Solution Suite Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
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Operating Systems | Web-Based |