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IFRS17 - we are ready, are you?

[fa icon="calendar"] Sep 18, 2018 2:00:00 PM / by Kathryn Emerson

Companies are now aware of IFRS17 and its impact on their business while assessing required changes to their IT infrastructure. 

While the bulk of the IFRS17 calculation burden sits with the company's actuaries and dedicated IFRS17 valuation engines, there is also an impact on underwriting systems. Whether you have chosen a specific valuation engine or will be handling this via augmentation of existing actuarial tools and reports, your underwriting system will need to capture new data and export new or amended reports. 
 
Eurobase has recognised this and enhanced synergy2 data capture to support IFRS17 requirements such as:
  • Separation of contracts not deemed “Insurance Contracts” under IFRS17 
  • Categorising contracts by IFRS17 Cohort and Valuation Model 
  • Calculation of contract boundary 
  • Identification of retroactive contracts 

All this data can be exported in any format – either mapped to a specific valuation engine or as a generic export. We have engaged with a number of recognised IFRS17 Valuation Engine suppliers to ensure this process is as seamless as possible for our partners. 

Eurobase is further supporting this via synergy2’s Machine Learning module to provide analysis, forecasting and benchmarking of premium to provide a continual yardstick of premium valuation whether for IFRS17 or other MI purposes. 

synergy2 is able to integrate with any IT landscape - either as a central platform or part of a broader architecture incorporating data lakes, micro-services or data analytics. Therefore, whatever your plans for IFRS17, or wherever you are in the journey of executing those plans, Eurobase and synergy2 are able to help ensure you are ready. 

 

IFRS17 (front+inner page image)

 

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Topics: data, synergy2, Eurobase, IT, News, IFRS17