Auditable processes and powerful reporting
Design repeatable and fully transparent processes. Stakeholders can access highly informative, predefined financial reports with query capabilities that can drill down to detailed source data.
Having risk and finance calculations in one comprehensive solution allows you to streamline the flow of information and reporting of expected versus actual cash flows for all stakeholders. In addition to addressing regulatory requirements, our solution improves the timely tracking of results and metrics, and facilitates collaboration among actuaries, risk managers and finance.
SAS collects actual baseline data directly from your policy, administrative and accounting systems. The solution also supports the validation of data from multiple sources, including actuarial and production data required to calculate cash flows. Comprehensive data capabilities extend from data quality and lineage to posting of results on a single platform across all divisions. Data quality, transparency and auditability give you results you can trust.
SAS workflow management, combined with a flexible rules engine, supports the orchestration of job flows to address current and future IFRS 17 accounting and reporting rules. SAS process management includes data validation at each stage, from discounted and undiscounted cash flows through report generation. Review and approval processes may be added to any stage of the workflow as required.
Out-of-the-box capabilities include categorization of policy types and addressing grouping requirements. SAS supports all three IFRS 17 valuations for insurance liabilities: the general measurement model (GMM), formerly known as the building block approach (BBA) for long-term contracts; the premium allocation approach (PAA); and the variable fee approach (VFA). Implement whichever calculation methodology works best for your insurance and reinsurance lines of business.
SAS generates pre-posting reports compliant with IFRS 17 accounting rules, aligned with your firm's accounting system, in support of both multi-GAAP and multicurrency reporting. Align with your firm’s chart of accounts and posting rules. Drill down to granular contract or analytic details as required. And with currency and localization capabilities, you can report on individual subsidiaries in local and HQ currencies, and aggregate firmwide results across geographies and lines of business.
Check out these products related to SAS Regulatory Content for IFRS 17, all based on the powerful SAS® Platform.
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