PwC IFRS17 Software

Actuarial & Financial Reporting

Fully automated IFRS17 reporting process including calculation of PVFCF, RA, CSM, LC covering all methods (GA, VFA, PAA) for life and non-life business

IFRS17 Software - one light, cloud supported and easy to implement solution


FEATURES

Robust methodology

PwC IFRS17 Software comes with a predefined IFRS17 compliant methodlogy to calculate PVFCF, CSM, RA covering all methods (GM, VFA, PAA) for life and non-life business

Sub-ledger

Flexible accounting module to provide the user with the possibility to generate journal entries based on all measures required to be reported in IFRS17 compliant financial statement

Interactive reports

Embedded Tableau reports offer friendly look & feel, are easy to aggregate and disaggregate and cover all financial reporting disclosures required per IFRS17 including financial disclosures

Flexibility

Software allows flexibility that does not require specific programming skills and is managed by business users directly from GUI

High performance

Strong in-memory calculation engine. Unlimited scaling capacity. No legacy constraints due to latest technology used

Easy to use

Predefined input data model and input data wizard helping the user to define the necessary data based on the products that will be subject to calculation run 
 


Watch the IFRS17 promotion video
 

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The IFRS17 specific features
 

Meets all aspects of IFRS 17 requirements for all 4 measurement models; PAA, GMM and Direct (VFA) and Indirect Par

Covers both contracts issued and reinsurance held

Methodology / accounting logic covers all common insurance and reinsurance complexities (Profit Sharing, NDIC, Reinstatements and De-recognition)

Reporting layer and technical sub-ledger designed to meet required IFRS 17 Financial Statements and Disclosures for both Interim and Annual reporting

Includes a PAA Eligibility and profitability bucketing modules



Possible use cases
 

Target solution

Possible full customization
Integration with the existing IT systems and solutions
Automation of the reporting process
 

PwC provides an entire PwC IFRS17 software IT implementation cycle support as well as analytical support in terms of actuarial and accounting expertise. In addition to the software itself PwC offers maintenance and post-implementation support.

Interim solution

Rapid deployment to ensure that IFRS17 reporting process is in place as quickly as possible
Based on out-of-the-box functionalities
May be delivered as SaaS on a rental basis

Depending on the circumstances, some of the calculation results may be approximate only. In the long-run, the Client can develop the system further to obtain the target system capabilities.

Accelerator

Impact and gap assessment
Methodology choices
Validating other solutions

IIFRS17 software features can facilitate a faster implementation of IFRS17 by accelerating data preparation, methodology and accounting policy choices. It provides easy access to illustrative analysis, impact studies and sensitivity tests. Furthermore, it allows for validation and challenge of the target reporting system (Challenger mode)
 


Implementation strategy

Core part of „IFRS17 in a box” offered by PwC
 

Core part of „IFRS17 in a box” offered by PwC

Pre-defined data model as a starting point to mitigate data quality and availability risk

PwC is able to deliver a Proof of Concept in 20 days to the client presenting results

Agile delivery of projects as One PwC team (methodology + technology support)
 

 

Software might be hosted in PwC cloud (SaaS) or by client (on-premise or in the internal cloud)

 

 

Technology

 

 

State of the art Calculation engine and in-memory technology (MS .NET) ensure breakthrough performance

 

 

Scalable architecture guarantee high
performance regardless of the data
volume used in calculation

 

 

Fully auditable – all data stored
in internal database

 

Contact us

Mariusz  Śpiewak

Mariusz Śpiewak

Managing Partner, Consulting, PwC Poland

Tel: +48 502 184 260

Artur Pikula

Artur Pikula

Partner, PwC Poland

Tel: +48 22 746 43 01

Grzegorz Józefiak

Grzegorz Józefiak

Director, PwC Poland

Tel: +48 519 506 759

Arkadiusz Kramza

Arkadiusz Kramza

Director, PwC Poland

Tel: +48 519 504 424

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