Most countries that have decided to adopt and apply the IFRS 17 Insurance standard will need to do so by 2021. RNA Analytics have been involved in helping insurers prepare for IFRS 17 for several years and have undertaken successful implementations for many clients using the R³S software. RNA Analytics can support companies in preparing for IFRS 17 with the following services:
- We can help you reduce implementation times and trial-and-error issues by using the proven R³S Modeler software with the R³S IFRS17 model.
- We can review your existing actuarial models and complete a gap analysis against the IFRS 17 requirements, then work with you to determine the best way to remove these gaps. If you already have models for Solvency II, we can advise you how to develop these models for both the IFRS 17 best estimate liability calculation and the risk adjustment.
- IFRS 17 adds another layer of work to an already congested reporting period. We have produced an example process aimed to maximize efficiency while still allowing room for customization to your specific needs. This process includes the projection of best-estimate cash flows, calculation of the risk adjustment, the IFRS 17 calculations (including the CSM), and report generation. We can help you customize the process to your needs.
Effective management of the IFRS 17 settlement process, with appropriate internal controls, is important. R³S Process Manager provides functionality to help you build automation and governance for the settlement process, including creating an audit trail and monitoring the settlement system. We can help you implement R³S Process Manager and establish effective processes.