Aon has launched an International Financial Reporting Standard (IFRS) 17 solution on its ReMetrica platform to help insurers to achieve reporting commitments.
Worldwide, over 1,000 re/insurers are enforcing IFRS 17, which was issued by the International Accounting Standards Board, in order to bring a more unified way of sharing financial results.
IFRS 17 volume of data and complexity of calculation has expanded meaning the insurers have to invest in new technology to link the gap between risk and finance.
ReMetrica’s new IFRS 17 unit can support actuaries by automating calculations and cash flow estimation with flexibility and a transparent audit trail.
It implements an eligibility test for the simplified model and identify if a contract is onerous and track its account balance over time.
Milena Lacheta, IFRS 17 lead at Aon’s Reinsurance Solutions business, said: “The new solution helps to bring finance and risk departments closer together to deliver more accurate reporting under IFRS 17.”
She added: “These outcomes go beyond a regulatory checklist to help strengthen insurers’ capital, reinsurance programs and ratings that will ultimately optimise the new balance sheet and profit and loss.”
Paul Maitland, head of Aon’s ReMetrica team, commented: “As part of data and analytic services, the ReMetrica team was able to invest in developing the new IFRS 17 components which can now be scaled and used with insurance companies all over the world.”
