IFRS 17 System for Insurance Companies
Insurance companies which follow International Financial Reporting Staandards need to implement the new standard named IFRS 17 for Insurance Contracts. The current insurance systems generally are not equipped to handle this new requirement. Hence insurance companies need a new system to take care of the new reporting requirements involving detailed calculations for
- grouping of contracts into onerous, non-onerous etc.,
- computing the fulfilment cashflows for groups of contracts
- computing the Contractual Service Margin (CSM) to be taken to the Balance Sheet every reporting period
- determining the amount of Contractual Service Margin to be released to the Profit or Loss account every reporting cycle
- Reconciliations for Disclosures to be reported for various values in the Profit or Loss and the Balance Sheet
We can work with you to extract information from your exisiting systems and provide a system to do the computations and generate the reports and reconciliations necessary for IFRS 17 Reporting.
Management Reporting System
Many of the Accounting, Insurance and other systems provide reports in printable, pdf or in spreadsheet formats. They do not provide the users easy access to the underlying data. When they need details for any item in the report, they have to choose another suitable report, run it after entering various parameters and wait for it to get generated based on the position of your request in the queue.
Most of the managers do not have the time or inclination to go through this pain and request their subordinate for reports, details. Then the subordinates go back to their desk and generate the appropriate report and come back. If the manager needs another info, then the subordinates go back and generate the report, the cycle continues on a daily basis.
We can develop a browser based Management Reporting system that can be accessed from the desktop (or tablet or mobile phone by connecting to the network through WiFi).
This system can provide summary reports in tabular format and in colorful charts/graphs etc., and provide detailed report for each of the items reported therein at the click of the mouse (or by touch in case of touch screen)
Additions to your current Insurance system
We can work on upgrading your current Insurance System by adding missing modules and make them accessible from the web to enable access to customers.
Websites, Mobile Apps, other software programs
Websites, Mobile Apps and Software for other requirements like Decision Support Systems, Budgeting, Real estate management, Compliance reporting, CRM etc.,