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
Immy Pandor
Partner, Insurance Consulting, IFRS 17 In A Box Global Lead, PwC United Kingdom
Tel: +44 (0)7595 850012
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