Re/insurance broker Aon has announced that South Korean insurer Kyobo Life has implemented its PathWise computing platform in preparation for the IFRS 17 and K-ICS financial reporting regimes.
The company embedded PathWise as its all-in-one financial risk management platform for a range of tasks, including assumption management, economic scenario generation (ESG), asset-liability management (ALM), hedging, and K-IFRS, IFRS 17, and K-ICS reporting.
PathWise uses the parallel processing power of graphical processing units (GPUs) to produce scenarios and handle policy calculations at a faster and more efficient rate that legacy actuarial software platforms.
For Kyobo Life, it is able to calculate the firm’s IFRS 17 best estimated liability and risk adjustment for 40 million policies in a matter of hours.
“Being able to perform complex calculations at such speeds offers PathWise clients clear efficiency gains, which can translate into real cost savings for their businesses,” said Peter Phillips, President and CEO of PathWise Solutions Group.
“As more companies realize they need to carefully consider their approaches to regimes such as IFRS 17 and K-ICS, and also want the benefit of a single platform for their financial reporting, PathWise can step-in and help them to overcome their challenges,” he continued.
Kyobo Life’s actuarial infrastructure team leader, Kim Yeon Jung, also commented: “Accurately analyzing financial effects and establishing strategies under the new regulations requires a lot of computations, and so we needed high-performance computing software for such difficult workloads.”
“In addition, change management and system control functions for complex models and large amounts of data are necessary too. PathWise’s high performance ensured the necessary speed for computations, along with flexibility and stability for ease of management under new regulations such as IFRS 17 and K-ICS.”