Ultimate Risk Solutions provides Comprehensive IFRS 17 Solution for Non-Life Insurers
Ultimate Risk Solutions, a leading provider of dynamic financial analysis and risk modeling technologies, has enhanced its software offerings for the global non-life insurance industry to create workflows to address both reporting and data integration and consolidation aspects of the IFRS 17 accounting standard.
A comprehensive IFRS 17 migration effort requires solutions for several difficult problems:
In addition, a sustainable approach requires an auditable, documented and consistent end-to-end workflow that can be automated for efficiency, with the ability to exert manual control and oversight when needed.
The complete solution from URS combines the power of the Risk Explorer™ financial modeling suite and the policy-level processing capabilities of the PortfolioPolis™ pricing strategy optimization tool. Application programming interfaces (API) in both products can support insertion into automated workflows that can be used together for a full solution, or separately to implement a portion of the process.
“IFRS 17 is making huge, complex changes in insurance accounting requirements that affect each insurer differently. URS software products are uniquely positioned to help insurers create a bridge from their current systems and processes to full IFRS 17 compliance, so they can focus on managing their business”, said Alex Bushel, Founder and CEO of URS.
“Working together with existing processes, PortfolioPolis™ and Risk Explorer™ can play a key role in achieving an integrated, IFRS 17-compliant workflow that gives insurers the tools they need to control their operations”, said Riccardo Nicolini, Head of Executive Committee of URS.
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Risk Explorer™ can be set to build and run models based on assumptions data and run a stochastic financial model or a deterministic model for specific scenarios, to create complete IFRS 17 Financial Statements, in addition to GAAP, Statutory and Solvency II results.
PortfolioPolis™ can integrate information from existing data sources and data warehouses to build IFRS 17 cash flow assumptions by contract. It can execute data preparation and cleansing procedures at the policy and claims level to then group that data into IFRS 17 Units of Account.