Reinsurance News

WTW releases IFRS 17 reporting solution

11th May 2023 - Author: Matt Sheehan

Global advisory, broking and solutions company WTW has announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA).

Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of re/insurers as they go live with the new accounting standard.

“FRA helps users achieve the new IFRS 17 accounting standard in a transparent, controlled and efficient way,” said David Patton, Global Head of Finance Advisory, ICT, WTW.

“It uses high levels of automation in a governed and auditable environment, and delivers insightful financial reporting, actuarial detail, and sub-ledger capabilities in an end-to-end solution that also generates wider business value.”

WTW explains that the system will aim to provide a common solution that allows actuaries and accountants to interrogate the same data and ensure they are working from one consistent foundational dataset.

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At the same time, it will provide context to the numbers by supporting side-by-side analysis over time, across portfolios, and by version, measured against forecasts and plans, WTW says.

“Our solution meets the needs of reporting in a post-IFRS 17 world, where the actuarial and accounting reporting requirements are even more interdependent, and where the need for a well-structured, automated, controlled data model is vital,” Patton continued.

“Targeting ease-of-use, cost-effectiveness and process efficiency, we have designed a system based on our deep industry expertise, which will extend the existing WTW technology solutions.

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