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WTW (London/New York), a global advisory, broking, and solutions company, has announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA).
A WTW statement on the new capability notes that implementing IFRS 17—the international insurance accounting standard for contracts—is proving to be a major challenge for many (re)insurers. Inadequate data systems, lack of resources and a shortage of expertise has collectively led to delays in dry runs, further slowing the understanding of financial results, the statement elaborates. Many companies are beginning to go live with IFRS 17, WTW says, but many also have struggled with developing suitably effective reporting processes and analytics systems that produce, monitor, and explain the results.
Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW says its Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of (re)insurers. As a part of the company’s IFRS 17 Enterprise Solution, FRA extends the reporting functionality to provide out-of-the-box IFRS 17 reporting, in what it calls a controlled, streamlined and automated environment.
“FRA helps users achieve the new IFRS 17 accounting standard in a transparent, controlled and efficient way,” says David Patton, Global Head of Finance Advisory, ICT, WTW. “It uses high levels of automation in a governed and auditable environment, and delivers insightful financial reporting, actuarial detail, and sub-ledger capabilities in an end- to-end solution that also generates wider business value.”
WTW describes the benefits of FRA include:
- Providing a common solution that allows actuaries and accountants to interrogate the same data and ensure they are working from one consistent foundational dataset
- Providing context to the numbers by supporting side-by-side analysis over time, across portfolios, and by version, measured against forecasts and plans
- Enabling users to see the results in new ways through innovative analytics and
dashboards with pre-built PowerBI reporting
- Storing and managing the detailed results to support internal and external reporting, as well as a range of potential scenarios
“Our solution meets the needs of reporting in a post-IFRS 17 world, where the actuarial and accounting reporting requirements are even more interdependent, and where the need for a well-structured, automated, controlled data model is vital,” adds Patton. “Targeting
ease-of-use, cost-effectiveness and process efficiency, we have designed a system based on our deep industry expertise, which will extend the existing WTW technology solutions.”