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
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
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