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Insurance Contracts (IFRS 17)

IFRS Reporting Engine

As IFRS 17 hurdles down the compliance pipeline, it’s set to disrupt how insurers manage operational costs, KPIs, and forecasting. The result? A potentially very disruptive (and expensive) overhaul of financial management processes, applications and operating models.

Thankfully, CCH Tagetik has an automated for addressing the new and expanding compliance requirements (Solvency II for example). With our IFRS 17 you can focus on your business with confidence that you’re in compliance with regulatory standards. CCH Tagetik provides a suite of regulatory solutions for Solvency II, IFRS 9, Revenue Accounting (IFRS 15), Lease Accounting (IFRS 16) available on cloud or on premise to ensure you remain compliant.

Watch 2-min demo    Download Brochure

ifrs 17 key capabilities include

 

Powerful IFRS 17 Engine

The solution starts you on the way to compliance by following the new models for insurance contract accounting. CCH Tagetik calculates liabilities for remaining coverage (LRC), liabilities for incurred claims (LIC) and contractual service margin (CSM). CCH Tagetik discounts future cash flows, calculates risk adjustment and CSM at initial recognition  and in subsequent measurements. Calculations are performed at a portfolio, subportfolio or the proper aggregation level in order to determine CSM and perform onerous contract test.

 

A Pre-Built Solution

Out of the box, users get a data model that’s IFRS 17 compliant. The kit includes a specific IFRS 17 chart of accounts and a custom data model to calculate each single elementary amount. CCH Tagetik provides modelling tools to integrate data model and calculations to meet your custom needs. Configure simply with a Finance-friendly interface, no IT intervention needed.

 

Integrated solution

Without disrupting your existing architecture, CCH Tagetik's IFRS solutions integrate with all systems, including CCH Tagetik CPM and non-CCH Tagetik applications. Whether you choose to deploy on-premises or on the cloud, ETL capabilities seamlessly integrate with any source system for seamless data imports and exports.

 

Insurance Contract Data Mart

The solution creates a contract data mart for IFRS 17 and other reporting requirements. From the single version of the truth, you can accurately calculate, report and disclose while minimizing risk. CCH Tagetik integrates with Qlik Sense and Microsoft BI solutions so you can easily analyze and drill down as deep as you need to. When you’ve got the confidence in your numbers, you can spend more time on analysis and forward planning.

 

Modelling and Calculation Engine

With CCH Tagetik’s calculation engine and the power of analytics, you can process and calculate large volumes of data quickly. Flexible modelling allows you to easily configure calculation logic and rules to stay compliant.

 

Disclosure and Reporting

A single version of data makes it easy to analyze, drill down to details, and report while adhering to IFRS 17 disclosure requirements. With our additional Collaborative Office solution, you can easily create a MS Word financial statement, a pdf board book, a PowerPoint presentation or a submission to regulators; have complete confidence that numbers and narrative are accurate and auditable.

RED ALERt - IFRS 17 is around the corner!


On January 1, 2021, IFRS 17 Insurance Contracts comes into effect for all insurers using IFRS Standards. This eBook goes through all you need to know to be ready. Don't miss it!


Read our eBook

GET AHEAD OF THE CURVE ON IFRS 17 COMPLIANCE

Workflow and Collaboration
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Workflow and Collaboration

Finance, sales, and operations are better aligned using CCH Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.

Finance Powered
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Finance Powered

Even with multiple diverse data sources, granular data, and complex calculations, Finance owns and manages the entire process from start to finish.

Audit Trail
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Audit Trail

Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata.  With CCH Tagetik, you get a detailed audit trail for full transparency.

Easy to Use
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Easy to Use

Intuitive user experience, pre-configured calculations and templates make IFRS 17 compliance as simple as possible for everyone involved.

Reuse Valuable Data
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Reuse Valuable Data

Reuse the same data across multiple internal and external reporting requirements.  Upload data with adjustments back to source systems for consistent data across systems.

Reduce Risk
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Reduce Risk

Reduce risk of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.

Part of Unified CPM
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Part of Unified CPM

No single regulatory report is an island, it’s the outcome of your entire financial management processes and reporting systems. CCH Tagetik is the only unified CPM solution to drive numbers accurately and efficiently into regulatory reports. 

Cloud without Compromise
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Cloud without Compromise

On Cloud. On Premise. One Solution.  Whether you choose cloud or on-premise, it’s the same solution that’s owned and operated by finance.

CCH Tagetik's ifrs Software is trusted by leading companies across several industries


Laing O'Rourke

IFRS Reporting, Consolidation, Tax Reporting, Monthly Reporting

Watch the video

Generali

IFRS Consolidation, Solvency II, MVBS, BPF, IVASS

Watch the video

Greiner Holding

IFRS Consolidation, Budget & Planning of the Group, Cash Flow

Allianz

IFRS Consolidation, Consolidation, CDM, Solvency II, IVASS Reporting

Sealord

IFRS Reporting, Monthly Management Consolidation, Statutory Consolidation, Monthly Closing, CDM

Astaldi

IFRS Reporting, Consolidation, Cash Flow Planning, Budgeting, Monthly Closing

Read the case study

On Demand Webinar

DISCOVER CCH TAGETIK SOLUTION FOR IFRS 17

With the new IFRS 17 for insurance contracts, insurers will have to significantly change the accounting for liability measurement and profit recognition. In this webinar, Director of Financial Services, Roberto Fasano will discuss the new requirements, the impacts your systems will face, and how your company can leverage CCH Tagetik to get ready for the changes.

Browse our Resources


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