Following nearly twenty years of discussion, the International Financial Reporting Standard 17 (IFRS 17) launches in January 2022. Designed to achieve the goal of a consistent, principle-based accounting for insurance contracts, the new global Standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. Under IFRS 17, companies will measure their contracts based on the obligations that the contracts create and reflect the time value of money in estimated payments to settle claims.

International Financial Reporting Standard 17 (IFRS 17)

IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board. Their mission is to develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world.

IFRS 17 will revolutionize the insurance industry and require the deployment of sizable resources if insurers are to remain compliant, especially as the Standard will have broad application to various contracts. Significant planning is therefore needed to transform optimally. Given the changes to the way data will be presented, it is critical to ensure that the right data is delivered in the right way, as well as modeling the future state while also demonstrating appropriate controls and processes to regulators.

Regulatory reporting of data attributes

IFRS 17 is the biggest change to insurance accounting compliance this century. It requires a substantial transformation in the business process and data flows to meet the new accounting standards. To succeed, firms will need total governance of their data, knowing and being able to prove all provenance, lineage and quality while ensuring appropriate security and controls.

Solidatus is the data management solution that helps firms overcome the challenges in implementing IFRS 17 and allows organizations to effectively model and report on the new IFRS 17 standards while building transparency into your regulatory reporting.

Minimize transformational risk

Solidatus offers a world-class modeling solution that allows organizations to map existing and future state processes and flows, enabling them to minimize transformational risks of both process and data while ensuring optimal compliance.

Simplify and streamline

Solidatus models can be leveraged as a deployable asset enabling the streamlining and simplification of system transformation, facilitating a move to cloud or allowing the optimization of data assets, ensuring they are deployed effectively and appropriately.

Automate data management

Solidatus delivers a data management solution that enables organization to manage their data in a system-agnostic fashion where lineage and ingestion are as automated as possible across the entire spectrum of a firm’s existing technology stack.

Simplify common taxonomy creation

Solidatus enables firms to address the challenges of creating a common taxonomy and model the delta between the current and future versions.

Solidatus for IFRS 17

  • Create an operational blueprint at a use case or enterprise level.
  • Demonstrate data lineage, model data quality and manage user access rights and data retention.
  • Create and leverage a single data repository across jurisdictions creating consistent reporting
  • Map the delta of change across regulatory updates to reduce future project work.
  • Enhance collaboration both internally and externally
  • Model future processes and workflows to determine the impact and effectively manage change
  • Perform a simple and clear gap analysis on existing processes.
  • Gain a competitive advantage by analyzing and optimizing organizational data

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Solidatus is used by some of the world’s largest financial institutions

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Solidatus unlocks the true business value behind data. A lineage-first approach enables organizations to connect and visualize data relationships across the enterprise, simplifying how they identify, access and understand them. With a reimagined, sustainable data foundation in place, organizations can mine actionable intelligence and solve complex problems to deliver transformational business results.

Solidatus is a member of the EDM Council.

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