Protect your investments in actuarial, accounting and related solutions by integrating key IFRS 17 capabilities – from orchestration of data and analytics to risk and profitability reporting.
Gain a single, comprehensive view.
The SAS Solution for IFRS 17 enables you to meet all IFRS 17 requirements, including accounting for insurance contracts and establishing a structured workflow process. The solution integrates risk and finance calculations, enabling you to streamline the flow of information and reporting of expected versus actual cash flows for all stakeholders. The SAS Solution for IFRS 17 facilitates the timely tracking of results and metrics, addresses IFRS 17 regulatory requirements, and fosters collaboration among actuaries, risk managers and finance.
Better manage data collection and validation.
The SAS Solution for IFRS 17 collects actual data directly from policy management, actuarial and accounting systems. The solution also validates data from multiple sources, including actuarial and production data required for calculating cash flows. Data quality, transparency and auditability further support the data management process, ensuring the quality of the input while addressing regulatory and accounting requirements.
Improve workflow management.
Workflow management capabilities support the orchestration of job flows to address current and future IFRS 17 accounting and reporting rules. This includes data validation at each stage, from discounted and undiscounted cash flows through report generation. You can also add review and approval processes to any stage of the workflow.
Apply the right methodology and measurement for each policy type.
Out-of-the-box capabilities include policy type categorization and the ability to address grouping requirements. SAS supports all three IFRS 17 valuation approaches 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). You can implement whichever calculation method you choose for insurance – and reinsurance – lines of business.
Stage validated results for accounting system posting.
SAS generates preposting reports, aligned with your firm's accounting system, that support both multi-GAAP and multicurrency reporting. Reporting capabilities include the aggregation and disaggregation of results, so you can drill down to contract or analytical details. Currency and localization capabilities enable you to also report on individual subsidiaries in local and headquarters currencies, and aggregate firmwide results across geographies and lines of business.
Gain a competitive advantage with financial planning capabilities
Effectively accommodate IFRS 17 use cases that involve: Financial Planning, Financial Health Review, Scenarios & Crisis Simulation, Budgeting, Fine tuning the adaptation to the Accounting Standard. Take advantage of analysis of results to fuel strategic decisions to improve future profitability performance. Identify early enough potential risks and impact in the future, in terms of profitability performance. Effectively accommodate changes as the accounting standard evolves.
Get to Know the SAS Solution for IFRS 17
Check out these products and solutions related to the SAS Solution for IFRS 17.
- SAS for Insurance Contract Valuation | Powered by AzureStay in front of IFRS 17/LDTI compliance requirements without losing visibility.