Global re/insurance broker Willis Towers Watson is to launch new software in early 2019 aimed at helping businesses implement IFRS17, one of the most significant and complex changes to insurance accounting requirements in over 20 years.
When launched, ResQ Financial Reporter will provide insurers with a framework to generate financial statements and support disclosure requirements while saving time and effort on end-to-end IFRS 17 reporting processes.
The new accounting standard had originally been planned for January 2021 but following criticism from financial bodies, was delayed by one year.
“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with governance, automation, systems integration and well-defined workflows at the centre of the new world,” said Andy Teale, Global IFRS 17 P&C Technology Leader, at Willis Towers Watson.
“The recent decision by the IASB to defer IFRS 17 to January 2022 does not mean insurers should delay implementation projects. Rather it will allow preparers to adopt a value-add approach instead of struggling to achieve minimum compliance.”
“Late movers, meanwhile, risk being left with higher expenses and less reliable, less timely management information.”
“ResQ Financial Reporter will enable users to move through a flexible, intuitive and well governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost efficient manner,” added Teale.
