Global advisory, broking and solutions company WTW has announced the release of a new IFRS 17 based reporting solution, Financial Results Analyzer (FRA).
Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of re/insurers as they live with the new accounting standard.
“FRA helps users to meet the new IFRS 17 accounting standard in a transparent, controlled and efficient way,” said David Patton, Global Head of Finance Advisory, ICT, WTW.
“It leverages a high level of automation in a managed and auditable environment, and delivers meaningful financial reporting, actuarial detail, and sub-ledger capabilities in an end-to-end solution which also creates broader business value.”
WTW explained that the system will aim to provide a common solution that allows actuaries and accountants to interrogate the same data and ensure that they are working from a consistent basic dataset.
At the same time, it will provide context to the numbers by supporting side-by-side analysis over time, across the portfolio, and in version, measured against forecasts and plans, said WTW.
“Our solution meets the reporting needs of a post-IFRS 17 world, where actuarial and accounting reporting requirements are increasingly interdependent, and where the need for a well-structured, automated, controlled data modeling is essential,” Patton continued.
“Targeting ease of use, cost effectiveness and process efficiency, we designed a system based on our deep industry expertise, which will extend WTW’s existing technology solutions.