Moody’s Analytics today announced that its software has been selected by Singlife, a leading digital insurer in Singapore. Singlife will use the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution and the Moody’s Analytics Scenario Generator to facilitate its efforts to address the new reporting requirements of the IFRS 17 accounting standard.
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Designed to support actuaries as well as accounting, finance, and IT professionals, the RiskIntegrity for IFRS 17 solution is available as a software-as-a-service (SaaS) solution and comes with the capabilities required to assist customers in their efforts to efficiently implement the new standard. As a SaaS solution, infrastructure and maintenance is managed by Moody’s Analytics, assisting Singlife in its program to meet initial IFRS 17 requirements, as well as address future updates made to the standard.
Singlife will also use the Moody’s Analytics Market-Consistent Scenario Generator as part of its IFRS 17 program. The Scenario Generator is a suite of stochastic asset modeling tools that allow insurers to produce risk-neutral scenarios for liability valuation. Under IFRS 17, insurers will need to place a market-consistent value on the options and guarantees, and a scenario generator is typically used to do this.
“Singlife is moving from a fintech startup to an established financial institution. As we scale to markets across Southeast Asia, it was important for us to work with a software provider that is responsive and alert to evolving business needs, understands the regional nuances for addressing IFRS 17, and helps ensure the highest standards of compliance,” said Philip Shin, Financial Controller at Singlife. “Through our interactions with Moody’s Analytics during the selection process, it was clear that their team was highly knowledgeable about IFRS 17. They also demonstrated a clear understanding of how to incorporate new and evolving financial reporting requirements into future enhancements.”
“Our SaaS delivery approach offers Singlife immediate access to the RiskIntegrity for IFRS 17 solution, enabling hands-on usage from the outset and setting the stage for an efficient and collaborative implementation of IFRS 17,” said Andrew Waters, Senior Director at Moody’s Analytics. “Singlife will benefit from its current functionality, and from future enhancements in the standard product that meet their requirements, assuring flexibility as the standard evolves.”
Earlier this year, Moody’s Analytics won IFRS 17 Solution of the Year and four other categories at the InsuranceERM Awards.
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