AxiomSL launches its IFRS 17 solution

AxiomSL has launched a new solution to address International Financial Reporting Standards (IFRS) 17 requirements.

AxiomSL’s IFRS 17 solution provides automation with data management, reconciliation and traceability capabilities.

According to AxiomSL, the solution reduces the total cost of ownership and operational risks as well as ensuring quicktime to market.

IFRS 17 is a global accounting reporting standard, which will be implemented in January 2021.
It underwrites insurance contracts and reports under IFRS.

The new framework demands an improved collaboration between actuarial and finance systems.

Ed Royan, CEO of AxiomSL Europe, Middle East and Africa (EMEA), said: “IFRS 17 is a significant milestone for firms underwriting insurance contracts. The new standard presents highly complex requirements, fundamentally affecting all facets of a firm’s business model.”

He added: “We are pleased to empower our clients to tackle these wide-ranging challenges through AxiomSL’s strategic platform, connecting finance and actuarial systems. Our holistic approach links processes and systems with inherent data management capabilities, whilst greatly reducing implementation time and cost to comply with the new standard.”

Sufyan Khan, IFRS 17 product manager at AxiomSL EMEA, commented: “IFRS 17 calls for enhanced systems and processes, particularly around data management, aggregation and computational power for measurement of contractual service margin (CSM).”

He added: “Our end to end process from data capture to reporting is completely transparent and traceable. The solution encapsulates all the key elements from data consolidation, portfolio aggregation, flexible cash flow modelling and measuring CSM based on general measurement model, premium allocation approach or variable fee approach to finally reporting to the IFRS taxonomy in a single platform.”