Ultimate Risk Solutions, a leading provider of dynamic financial analysis and risk modeling technologies, has enhanced its software offerings for the global non-life insurance industry to create workflows to address both reporting and data integration and consolidation aspects of the IFRS 17 accounting standard.
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A comprehensive IFRS 17 migration effort requires solutions for several difficult problems:
- Integrate data from existing systems and/or data warehouse
- Prepare and clean consolidated data
- Create expected Cash Flow assumptions at a granular level
- Aggregate policy and claims level data into Units of Accounts
- Implement the calculations for new accounts: Contractual Service Margin, Risk Adjustment
- Create IFRS 17-compliant reporting and Financial Statements
In addition, a sustainable approach requires an auditable, documented and consistent end-to-end workflow that can be automated for efficiency, with the ability to exert manual control and oversight when needed.
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The complete solution from URS combines the power of the Risk Explorer™ financial modeling suite and the policy-level processing capabilities of the PortfolioPolis™ pricing strategy optimization tool. Application programming interfaces (API) in both products can support insertion into automated workflows that can be used together for a full solution, or separately to implement a portion of the process.
“IFRS 17 is making huge, complex changes in insurance accounting requirements that affect each insurer differently. URS software products are uniquely positioned to help insurers create a bridge from their current systems and processes to full IFRS 17 compliance, so they can focus on managing their business,” said Alex Bushel, Founder and CEO of URS.
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