WTW has launched Financial Results Analyser, an IFRS 17-based reporting tool designed to meet the reporting requirements “in a post-IFRS 17 world”. 

The accounting standard for insurance contracts took effect earlier this year but implementing IFRS 17 is proving to be a major challenge for many re/insurers, according to the advisory firm. 

“Inadequate data systems, lack of resources and a shortage of expertise has collectively led to delays in dry runs, further slowing the understanding of financial results,” said WTW. “As we move through 2023, companies are beginning to go live with IFRS 17, but many have struggled with developing suitably effective reporting processes and analytics systems that produce, monitor and explain the results.”

The company has already produced a suite of IFRS 17 technology solutions. As part of its enterprise solution, WTW’s FRA extends the reporting functionality to provide “out-of-the-box IFRS 17 reporting, in a controlled, streamlined and automated environment”. 

Developed by the company’s Insurance Consulting and Technology business, the FRA can be integrated with existing systems and extend the functionality to include additional actuarial and financial datasets, as well as non-IFRS 17 data.

“It uses high levels of automation in a governed and auditable environment, and delivers insightful financial reporting, actuarial detail, and sub-ledger capabilities in an end-to-end solution that also generates wider business value,” said David Patton, global head of finance advisory at ICT, WTW. 

“Our solution meets the needs of reporting in a post-IFRS 17 world, where the actuarial and accounting reporting requirements are even more interdependent, and where the need for a well-structured, automated, controlled data model is vital.”