Solutions
IFRS 17
An automated reconciliation solution and control framework for IFRS 17 reporting requirements that delivers enhanced efficiency and reduces operating costs by 50%+.
Key benefits
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Achieve compliance with IFRS 17 reporting requirements to avoid penalties
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Reduce operating costs and enhance efficiency
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Remove manual processes to focus on value-add tasks
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Meet financial accounting period deadlines with advanced workflows
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Easily scalable to support growing data volumes
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Automated cashflow matching for greater efficiency
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Demonstrate comprehensive audit trails for peace of mind
Comply with IFRS 17 reporting obligations
As of January 1, 2023, insurance businesses must meet requirements for IFRS 17 reporting. The new accounting standard states that firms must disclose reconciliations of insurance and reinsurance contracts.
Our IFRS 17 solution is purpose-built to help firms comply with reporting obligations through automation. The solution automates reconciliations, and provides robust financial controls and superior data management.
Eliminate manual processes to focus on value-add tasks
The IFRS 17 standard will require insurance organisations to handle much larger volumes of data, which will be a significant operational burden for firms still reliant on spreadsheets.
Through end-to-end automation, AutoRek simplifies the time-consuming process of disaggregating and managing the data required for compliance. The embedded extract, transform and load (ETL) functionality prepares and enriches data ahead of reporting, giving you more time to focus on what matters most.
Automated cashflow matching for greater efficiency
Cashflow matching compares expected cashflows from actuarial models and accounting actuals from the general ledger and policy admin systems. Under the new IFRS 17 standard, cashflow matching comparisons must be performed at a more granular level than ever before.
Using the system’s powerful rules-driven engine, our IFRS 17 solution automates cashflow matching processes using one-to-many, many-to-many and other complex matching logic. You can create any cashflow matching rule with no limit to the volume of rules or complexity of the logic, ensuring control and accuracy of reporting.
A flexible solution to support your operations
The cashflow matching aspect of IFRS 17 is challenging because there is no universal approach applicable to all firms. Not only does each insurance business have different products, contracts and cashflow components, but they also have unique data sets across their general ledger and policy admin systems.
Our IFRS 17 deployments are designed using custom control frameworks to automate the mapping, allocations, calculations and reconciliations of data between core systems. The platform supports all data types at various levels of aggregation, providing you with complete flexibility to support your operations.
Get ready to transform your reporting processes
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