FIS won the award for best IFRS 17 solution of the year for the second consecutive year. He impressed the judges with the supercharging of his FIS Insurance Risk Suite, ahead of the deployment of new reporting standards in the insurance sector. The FIS Insurance Risk Suite is a one-stop shop for insurers to comply with IFRS 17 across the full product range, including life, health and non-life insurance.
The new International Financial Reporting Standard 17 (IFRS 17) — which replaces IFRS 4 on accounting for insurance contracts — was first published in May 2017 with a launch date of January 2023. IFRS 17 space solutions, based in Florida FIS released its relevant solution a month later in June 2017 and has kept pace with the changing data and accounting needs of insurers since then.
When the new reporting rules come into effect, insurers’ actuarial systems will need to produce significantly more detailed results than before. IFRS 4. FISThe award-winning risk management solution from covers all IFRS 17 calculations, generation of the income statement and balance sheet forecasts and projections. The FIS Insurance Risk Suite is powered by distributed database technologies that generate greater volumes of granular results data while minimizing run times.
As IFRS 17 also requires the actuarial and accounting fields to exchange significant amounts of data, the transfer and translation process must be managed with solutions that provide accuracy.
Jason Fasi, Corporate Communications Analyst at FISexplains, “Our data solution provides a way to map actuarial data to accounting tags or accounts, and a natural point of reconciliation for that data when queried.
Reporting can be a waste of time for insurers, so to help them speed up their implementations, FIS created a IFRS 17 toolkit with a template for managing data and report results. This includes scripts to automate the creation of inputs for calculations, covering both initial and subsequent measurements, and uploading subsequent results to the data repository for mapping to ledger entries.
Fasi says, “We maintain the toolkit as part of our software and have made regular updates since its launch. Together with FIS Insurance Accounting Suite (formerly Enterprise Accounting Suite), it provides a IFRS 17 solution that meets both actuarial and accounting needs.
Many insurers use FISof the Insurance Risk Suite in “parallel execution” with their existing systems for months, to ensure that they are ready to comply with the IFRS 17 when it goes live in January. This gave FIS ample opportunity to refine its offering by updating its actuarial libraries, toolkit and sub-book, and enhancing stress modeling capabilities.
These updates mainly concerned the optimization of the code and the improvement of the management of the commercial risks under IFRS 17. Accordingly, FIS anticipates few additional changes to the libraries themselves or their code base, meaning less disruption for insurers in January.
Fasi says, “Our IFRS 17 solution is more than just IFRS 17 solution; it remains the central risk platform for many insurers and assists them in setting premium and reserve levels, managing capital, projecting income statements and forecasting the balance sheet, as well as supporting activity planning.
The best insurers turn to FIS for a complete actuarial and risk management solution that can keep up IFRS 17 rigorous standards. NLPone of Australia’s leading life insurers, took on the operational challenge of managing complex insurance contract reporting requirements under the new international accounting standard.
NLP was in the process of acquiring another life insurance business and needed technology that would work easily across both organizations and help merge their operations. FISThe Insurance Risk Suite of was optimal because it works IFRS 17 calculations within an actuarial rather than a financial system. It gave NLP natural benefits for business planning and regulatory reporting, while improving connectivity and data flow between risk and finance. FISthe secure public cloud of help NLP gain flexibility and control costs. The solution’s hypothesis manager gives NLP the tools to record profits according to the rules of IFRS 17. The Solution’s Insurance Data Repository, a purpose-built schema for insurance cash flow and contract service margin data, helps NLP with its business intelligence and regulatory reporting.
IFRS 17 calculations are performed in the FIS Insurance Risk Suite actuarial engine. This means that users can enter metrics related to the new standard in their day-to-day work, such as when evaluating contracts, performing stress tests and making general projections. This helps both flag and manage their business risks under IFRS 17.
FISLast year’s attention to detail sets it apart from its competition. It has released two major releases and several minor releases to ensure that its customers will be up and running to comply with IFRS 19 in January. These improvements are generalized: model execution process; APIs and process automation capabilities; IFRS 17 data management processes; and the quality, service and automation of FISthe managed cloud service of .
Fasi says, “Our IFRS 17 is mature and we have invested heavily in it over the past eight years. But we continue to constantly invest in technology to meet the current and future needs of insurers.