Re/insurance broker Aon has launched a new solution for International Financial Reporting Standard 17 (IFRS) on its ReMetrica capital modelling platform, which aims to help insurers fulfil their reporting obligations.
According to Aon’s analysis, over 1000 re/insurers worldwide are implementing IFRS 17, issued by the International Accounting Standards Board, to implement a more unified way of sharing financial results.
The increased volume of data and complexity of calculation required for IFRS 17 means insurers often need to invest in new technologies to bridge the gap between their finance and risk departments.
ReMetrica’s new IFRS 17 components are designed to support actuaries by automating calculations and cash flow projections with flexibility and a transparent audit trail.
They can also help carry out an eligibility test for the simplified model and identify if a contract is onerous and track its account balance over time.
“The new solution helps to bring finance and risk departments closer together to deliver more accurate reporting under IFRS 17,” said Milena Lacheta, IFRS 17 lead at Aon’s Reinsurance Solutions business.
“These outcomes go beyond a regulatory checklist to help strengthen insurers’ capital, reinsurance programs and ratings that will ultimately optimize the new balance sheet and profit & loss,” she explained.
Paul Maitland, Head of Aon’s ReMetrica team, also commented: “Aon’s ReMetrica technology can be leveraged in new ways to address the requirements of IFRS 17 implementation.
“As part of Data & 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.”
