Opportunities for your team through IFRS 17

When I speak to Insurance firms, they know all about the deadline of January 2022 but the implications are harder to see. With two years to go Insurers and reinsurers need to be as wide-eyed as possible, aware of the challenges and open to the opportunities.

Opportunities for CFOs…

If you’re a CFO for instance, tackling IFRS 17 in the right way now could in the long term have a positive impact on your business. Providing a better relationship with shareholders and analysts through clear communications. Improved management reporting. Refined KPIs and incentive frameworks. And a future-proof, integrated CPM set up for finance and actuaries.

And hitting those targets doesn’t have to be hard. With CCH Tagetik you can …

  • Deploy pre-configured IFRS 17 and 9 solutions fast so you understand any implications and own the shareholder narrative ahead of disclosure
  • Improve transparency – easily drill through the numbers so you can see the ‘why’ behind the ‘what’
  • Understand the impact of the new models on your portfolio structures
  • Make sure your IFRS 17 solution is scalable and non-disruptive
  • Make sure your calculations are compliant with the latest legislation thanks to our Regulatory Update Service
  • See all your data in a single, easy-to-configure Dashboard view
  • Spend less time on disclosure processes and reduce errors with our plugin for Microsoft Office

Because it’s built by finance for finance, it understands workflows. It comes from the people who brought you the leading Solvency II solution. And it’s the only Corporate Performance Management (CPM) tool that gives all of these benefits.

Opportunities for COOs…

If you’re a COO on the other hand, you’ll be interested in improving workflows, integrating systems and processes as well as updating consolidation, disclosure and performance management. You can achieve all this thanks to…

  • Fast, pre-configured IFRS 17 and 9 solutions
  • Tagetik’s experience integrating with other enterprise systems
  • A single platform and source of truth for IFRS 9, IFRS 17 and all other finance reporting
  • The ability to easily model what-if calculations


Opportunities for actuaries…

Actuaries should be happy too. If that’s you, you’ll be able to refine actuarial/risk/capital models based on greater transparency, redesign processes so they’re streamlined with finance, and use IFRS 17 models and CSM as another data source. More specifically, Tagetik means you can…

  • Easily digest data from different sources
  • Integrate finance reporting with actuarial systems
  • Load or calculate future cashflows with the IFRS 17 starter kit
  • Adjust the Contractual Service Margin (CSM) quickly via a powerful calculation engine

Opportunities for IT…

In IT, you’ll be pleased to see you can set up a futureproof system without trashing any infrastructure investment. Integrate different systems to improve efficiency. And even allow finance to make changes without bothering you. In fact, Tagetik can bring you a system that…

  • Needs no coding, so finance can use it without calling you
  • Provides integration with existing architecture
  • Offers vendor-agnostic integration with actuarial and finance systems
  • Fetches and pushes data without a separate tool
  • Provides a comprehensive solution for IFRS 9, Lease Accounting (IFRS 16 / ASC 842), Solvency II and CPM
  • Offers cloud or on-premise options with the same functionality
  • Works with all major databases, including SAP HANA

So there’s no doubt, IFRS 17 can mean some superb opportunities for you and your business. But before you set about choosing your IFRS17 solution, why not have a chat with CCH Tagetik. We’re always happy to lend a helping hand…


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