Moody’s Analytics announced that Philippines-based life insurance company Cocolife will use the Moody’s Analytics RiskIntegrity for IFRS 17 solution to support its implementation of the new IFRS 17 accounting standard.
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“2021 will be a significant year of preparation for life and non-life insurers adopting IFRS 17, as they work to ensure the right processes and systems are in place to produce financial statements under the new standard”
Cocolife selected the RiskIntegrity for IFRS 17 solution for its breadth of functionality and out-of-the box calculations and analytical capabilities, which help life and non-life insurers address the demanding data volume and new calculations needed for the IFRS 17 standard.
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Designed to support the needs of actuaries, finance, and IT professionals, the RiskIntegrity for IFRS 17 solution comes with the capabilities required for an efficient implementation of the standard. Available as a software-as-a-service (SaaS) solution, it integrates seamlessly with an insurer’s existing infrastructure, connecting data, models, systems, and processes between actuarial and finance functions.
“At Cocolife, we are continuously looking for ways to enhance our digital capabilities and to deliver critical business value to our customers,” said Maria Katarina V. Bernardino, Chief Actuary and Senior Vice President at Cocolife. “By selecting the Moody’s Analytics RiskIntegrity for IFRS 17 solution, we are assured that we have the software to efficiently address our financial reporting needs, enabling us to focus on our business of serving our customers and improving lives.”
“2021 will be a significant year of preparation for life and non-life insurers adopting IFRS 17, as they work to ensure the right processes and systems are in place to produce financial statements under the new standard,” said Wael Jadallah, Managing Director at Moody’s Analytics. “Cocolife will now have a unique environment for its actuaries and accountants to work together to facilitate their efforts to meet IFRS 17 requirements. We look forward to supporting Cocolife in its IFRS 17 journey.”
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