IFRS 17 In A Box: Taking the headache out of implementation
28 October 2019
In many of my previous blogs, I have spoken about the importance of getting on the front foot with IFRS 17, in order to firstly ensure compliance with the standard come D-day, and secondly take advantage of the opportunity to transform the finance systems you already have to better serve your company.
But what if you’re late coming to the IFRS 17 implementation process and are unsure about where to start? Or your company is not large or complex enough to run a dedicated finance transformation programme? Or even that you are busy developing your own bespoke solution, but want a ‘control’ against which to validate your results? We have identified that there is a significant gap in the market for such a solution and therefore have spent over a year developing our own software solution: PwC’s IFRS 17 In A Box.
IFRS 17 In A Box is a highly pre-configured IFRS 17 software solution, designed and road-tested by real businesses in the industry. The software has been designed to minimise the disruption to existing finance, actuarial and risk processes and systems, whilst ensuring full compliance with the standard. Specifically, IFRS 17 In A Box includes:
- IFRS 17- compliant calculation engine covering all measurement models (including reinsurance held) for both insurers and reinsurers
- Class leading functionality (e.g. PAA Eligibility, Risk Adjustment modules and a simulation mode included)
- Data dictionary
- IFRS 17 technical sub ledger, chart of accounts and disclosures
- Integrated workflow and governance
Now, of course this is not the only software solution on the market, but it is the only software solution on the market that has incorporated the full IFRS 17 expertise of PwC. We can also work with you to assess the suitability of IFRS 17 In A Box to make sure this approach offers the right fit. The software itself is robust, highly configurable, and can be rapidly deployed by an experienced implementation team to deliver results in the shortest time possible.
If after reading this you are as excited for IFRS 17 In A Box as I am, then take a look at our website where you will find more information including, a demonstration video and contact details for our UK IFRS 17 In a Box leader James Pearson.