Out of the box solutions make insurance that bit easier, so this news from Willis Towers is worth checking out;
WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today announced the release of its new IFRS 17-based reporting solution, Financial Results Analyser (FRA).
Implementing IFRS 17 – the international insurance accounting standard for contracts – is proving to be a major challenge for many (re)insurers. Inadequate data systems, lack of resources and a shortage of expertise has collectively led to delays in dry runs, further slowing the understanding of financial results. As we move through 2023, companies are beginning to go live with IFRS 17, but many have struggled with developing suitably effective reporting processes and analytics systems that produce, monitor and explain the results.
Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyser tool is designed to meet the IFRS 17 reporting requirements of (re)insurers. As a part of the company’s proven IFRS 17 Enterprise Solution, FRA extends the reporting functionality to provide out-of-the-box IFRS 17 reporting, in a controlled, streamlined and automated environment.
“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.”
Be the first to comment