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

Non-Audit related features

Eases IFRS 17 adoption

Built in unique test case scenarios enable complete testing ahead of IFRS 17 effective date making the whole path of IFRS 17 compliance easier

Faster and more transparent audits

The tool’s fully transparent methodology produces standardized reports making complex financial audits last far shorter than used to be.

Audit related 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

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

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

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
 

IFRS 17 adoption accelerator

IFRS 17 software features can facilitate a faster implementation of IFRS 17 by accelerating data preparation, methodology and accounting policy choices. It provides easy access to illustrative analysis, impact studies and sensitivity tests

IT implementation and support

Depending on your requirements,PwC may provide 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 may offer maintenance and post-implementation support


Implementation strategy

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

Our E2E process is split into 7 workstreams covering both design and implementation work. 

All IFRS 17 services offered are built around PwC’s  proprietary software – “In a box” calculation engine – which speeds up and enhances the whole process.

The exact scope of the E2E process depends on your IFRS 17 needs and your IT infrastructure

 

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

Immy  Pandor

Immy Pandor

Partner, Insurance Consulting, IFRS 17 In A Box Global Lead, PwC United Kingdom

Tel: +44 (0)7595 850012

Grzegorz Józefiak

Grzegorz Józefiak

Director, PwC Poland

Tel: +48 519 506 759

Arkadiusz Kramza

Arkadiusz Kramza

Partner, PwC Poland

Tel: +48 519 504 424

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