IFRS17

IFRS17 software typically provides companies (typically insurance and reinsurance companies) with the calculations (e.g. Contractual Service Margin), double entry journals and the reporting disclosures necessary to comply with the IFRS17 accounting standard. The software may a pre-packaged/out-of-the-box solution for fast compliance or a highly configurable base from which more complex solutions may be developed. Features may include integrated subledger; customisable calculations; options to operate at contract, portfolio and group levels; discounting; data validations and checks; guided workflows; integration with upstream and downstream systems; consolidation; multi-GAAP capabilities; simulation capabilities; and availability on-premise or on the cloud.

All the software included here are standalone applications that can be acquired/licenced and implemented individually. Actuarial, Corporate Performance Management and other technological systems may include IFRS17 compliance elements as part of much larger application, but these are excluded here. Don’t forget to check out our IFRS17 Buyer’s Guide!

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Aptitude IFRS17

by Aptitude Software

Product Page Book Demo

A purpose-built, IP-rich, IFRS 17 solution, ideal for global insurers requiring bespoke configuration for compliance and strategic modernisation. The solution incorporates all the calculations required to become compliant and includes data consolidation and advanced accounting subledger capabilities to drive additional business value.

Why we love it: Aptitude’s highly configurable IFRS17 solution is proven to deliver solutions for recognisable global insurers with bespoke and complex requirements. The calculation engine in conjunction with the highly extensible subledger provides an ideal base for IFRS17 compliance and wider finance transformation programmes.

Key Features

Multi-GAAP reporting
Multi-entity processing
Granular cost and insurance allocation engine
Extensible sub-ledger
Automated general ledger interface
Operate and report down to contract level
Simulation and forecasting
Calculation of transition balances
Integrated analytical reporting
Custom report writer capabilities

Full Product Features

Aptitude IFRS17 Comply

by Aptitude Software

Product Page Book Demo

A purpose-built, IP-rich solution, ideal for insurers requiring fast, efficient compliance with IFRS17. The solution incorporates all the calculations required to become compliant and includes most of the advanced accounting subledger capabilities provided by Aptitude’s full IFRS17 Solution to drive additional business value.

Why we love it: Comply is Aptitude’s pre-packaged version of their full IFRS17 solution. It enables insurers to comply quickly and efficiently with the IFRS17 requirements whilst using the same subledger and calculation engine. As such, an IFRS17 compliance project can be completed rapidly with the potential to extend at a later date to provide complex configurations.

Key Features

Pre-packaged solution with illustrative examples
Option to upgrade to full Aptitude IFRS17 solution
Sophisticated configurable business logics
Extensible sub-ledger
Automated general ledger interface
Integrated analytical reporting

Full Product Features

CCH Tagetik IFRS17

by CCH Tagetik

Product Page Book Demo

CCH Tagetik IFRS17 is a pre-configured starter kit that provides the functionality to comply with the IFRS17 requirements supporting all measurement models (general measurement, premium allocation and variable fee approach). It is suitable as a standalone tool or as an extension to its unified Finance Transformation Platform for existing CCH Tagetik customers.

Why we love it: CCH Tagetik’s IFRS17 SK is ideal for organisations that need a feature-rich, fast deployment of an IFRS17 compliant tool that is also highly configurable. Core components include allocations, cash flow generation, simulations, forecasting and multi-entity processing topped off with customisable reporting via Excel and QlikSense.

Key Features

Pre-packaged solution with illustrative examples
Multi-entity processing
Granular cost and insurance allocation engine
Supports sub-group level measurement
Cash flow generation
Simulation and forecasting
Custom report writer capabilities
Integrated with QlikSense for analytical reporting

Full Product Features

eFrame IFRS17

by SecondFloor

Product Page Book Demo

eFrame, by SecondFloor, is an easy-to-use pre-packaged tool designed for mid-sized organisations to meet IFRS17 regulations and reporting needs. Insurance contracts can be measured using the general measurement model (GMM), the premium allocation approach (PAA) and the variable fee approach (VFA) whilst reinsurance contracts can be measured using PAA or GMM. eFrame is a SaaS tool hosted from a tier-1 data centre in Amsterdam, is accessible via any web browser and uses Microsoft Excel as the data carrier.

Why we love it: eFrame by SecondFloor provides an intuitive, straightforward package ideal for smaller organisations that need a fast deployment of an IFRS17 compliant tool. The small details, such as the guidance on the landing page, the friendly excel interface, the logical sequence of steps and the efficient error resolution methods make for a very intuitive user journey.