Ultimate Risk Solutions provides Comprehensive IFRS 17 Solution for Non-Life Insurers
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.
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.
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.
“Working together with existing processes, PortfolioPolis and Risk Explorer can play a key role in achieving an integrated, IFRS 17-compliant workflow that gives insurers the tools they need to control their operations”, said Riccardo Nicolini, Head of Executive Committee of URS.
Legend to article:
Risk Explorer can be set to build and run models based on assumptions data and run a stochastic financial model or a deterministic model for specific scenarios, to create complete IFRS 17 Financial Statements, in addition to GAAP, Statutory and Solvency II results.
PortfolioPolis can integrate information from existing data sources and data warehouses to build IFRS 17 cash flow assumptions by contract. It can execute data preparation and cleansing procedures at the policy and claims level to then group that data into IFRS 17 Units of Account.
Madhuri Kumar (Managing Director, URS)
+1 647-388-8722 / [email protected]