Auditable processes and powerful reporting
Design repeatable and fully transparent processes. And enable stakeholders to access highly informative, predefined financial reports with query capabilities that can drill down to detailed source data.
The IFRS 17 standard is changing the definition of how profit is measured. Plan ahead to manage complexity with a consistent, transparent and comprehensive approach to accounting for insurance contracts. From data quality to the required calculations and reporting, SAS provides an integrated solution that supports all of the required methodologies you need to successfully implement IFRS 17, including the generation of postings, process management and governance. These capabilities will be vital for insurers to go beyond the standard to have deeper insights into contracts over time.
Having risk and finance calculations in one comprehensive solution allows you to streamline the flow of information and reporting of expected vs. actual cash flows for all of your stakeholders. In addition to addressing regulatory requirements, our solution improves the timely tracking of results and metrics, and enables collaboration among actuaries, risk managers and finance.
SAS collects actual baseline data directly from your policy, administrative and accounting systems. And SAS supports the validation of data from multiple sources, including actuarial and production data required to calculate cash flows. SAS data capabilities extend from data quality and lineage to posting of results on a single platform across all divisions. Data quality, transparency and auditability enables you to get results you can trust.
SAS workflow management, combined with its 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: GMM (General Measurement Model), formerly known as BBA (Building Block Approach) for long-term contracts, PAA (Premium Allocation Approach) and VFA (Variable Fee Approach). Implement whichever calculation methodology works best for 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.
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