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🌍 Global

The Best IFRS 17 Software Solution

The global insurance industry is undergoing a significant transformation with the implementation of the International Financial Reporting Standard (IFRS) 17. This standard, effective from January 1, 2023, introduces a comprehensive framework for recognizing and measuring insurance contracts. To effectively comply with IFRS 17, insurance companies around the globe are turning to robust software solutions that streamline the complex processes and calculations involved.
The technical team at SAM is well-equipped to support and kickstart your IFRS17 implementation.

Best IFRS 17 Software Just for You

IFRS 17 Solutions: Tailored for Insurance Compliance

Our IFRS 17 software solutions are designed to address the specific challenges posed by the new standard. These solutions cater to all requirements of the IFRS17 reporting standard such as:

Data management

IFRS 17 requires the collection and management of vast amounts of data, including policy information, actuarial assumptions, and market data. Our IFRS 17 software solutions provide centralized data repositories and robust data management tools to ensure data accuracy and consistency.

Actuarial modeling

IFRS 17 introduces new valuation techniques that require sophisticated actuarial modeling capabilities. IFRS 17 software solutions offers a comprehensive actuarial modeling framework that supports the calculation of the contractual service margin (CSM) for all three permissible approaches under IFRS 17 such as PAA, BAA, VFA.

Accounting calculations

IFRS 17 requires the calculation of various accounting metrics, including the fair value of insurance contracts and the presentation of liability for future insurance claims. Our solutions automate these calculations and ensure compliance with accounting standards.

Reporting and disclosures

IFRS 17 imposes extensive reporting and disclosure requirements, including the presentation of detailed information about insurance contracts in financial statements. Our software solutions generate the necessary reports and disclosures at the required level (group/portfolio/product)

IFRS 17 Solutions in the Middle East: Embracing Digital Transformation

Insurance companies in the Middle East are increasingly recognizing the value of IFRS 17 software solutions in achieving compliance and enhancing operational efficiency. With the growing adoption of digital technologies in the region, IFRS 17 software solutions are playing a pivotal role in streamlining insurance processes and driving innovation

IFRS 17 Software Solutions for Insurance: A Strategic Investment

IFRS 17 software solutions are not just about compliance; They are a strategic investment that can provide insurance companies with a range of benefits, including:

1. Reduced costs

Automate manual processes, reduce errors, and improve efficiency, leading to significant cost savings.

2. Improved risk management

Provide better insights into insurance risks, enabling companies to make more informed risk management decisions.

3. Enhanced decision-making

Provide access to valuable data and analytics, empowering companies to make better strategic decisions.

Our Solutions

Corporate Performance Management (CPM)

Seamlessly integrate finance and operations. Enhance your planning capabilities. Experience effortless consolidation. Achieve a fast and accurate close.

Regulatory & Compliance

Asset level drill-down and analysis. Computation of ECL. Calculation of IFRS17 models – CSM, PAA, BBA and VFA. Stress testing on cash flow behaviors, credit ratings, macro-economic factors, and more.

Core Insurance

Package and group policies. Claim assessment and settlement. Billing and collection. Risk identification and allocation. Recovery insights and reports.

Regulatory Reporting

Face complexity and scrutiny. Experience greater governance requirements. Challenge – compliance with jurisdiction specific prerequisites. Strive to minimize cost and simply reporting process. Maintain reporting accuracy.

ALM, Risk & Treasury Management

Complete audit trail. User defined reporting. Treasury management. Endless scenario analysis. Efficient consolidation. Produce range of RWA capital calculations.

Supply Chain and Digital Logistics

Advanced Global Visibility platform. Instant digital presence and online capabilities. End-to-end management of FCL/LCL and air shipments.

ESG

Maturity assessment and materiality map. ESG reports and actionable insights. Track ESG performance targets. Data collection automation and processing.

Our Whitepapers and Blogs

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Conclusion

IFRS 17 software solutions are an essential tool for insurance companies in navigating the complexities of the new accounting standard. By implementing these solutions, insurance companies can achieve compliance, enhance operational efficiency, and make better decisions for a more successful future.

Accelerate Your IFRS 17 Implementation with Our Proven Approach

Join the 18+ companies that have successfully implemented IFRS 17 with our guidance.

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