London, UK (Nov. 29, 2018) – Willis Towers Watson is to launch new software in early 2019 to help businesses implement IFRS 17, which is one of the most significant and complex changes to insurance accounting requirements in over 20 years. ResQ Financial Reporter will enable insurers to move away from inefficient, poorly managed systems, providing instead an efficient framework to generate financial statements and supporting disclosure requirements, while saving insurers time and effort in their end-to-end IFRS 17 reporting processes.
“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with governance, automation, systems integration and well-defined workflows at the centre of the new world,” said Andy Teale, Global IFRS 17 P&C Technology Leader, at Willis Towers Watson. “The recent decision by the IASB to defer IFRS 17 to January 2022 does not mean insurers should delay implementation projects. Rather it will allow preparers to adopt a value-add approach instead of struggling to achieve minimum compliance. Late movers, meanwhile, risk being left with higher expenses and less reliable, less timely management information.”
ResQ Financial Reporter is a calculation and data management solution that uses the latest technology to provide a modern and easy-to-use interface to produce the IFRS 17 insurance contract liabilities estimates, including the contractual service margin (CSM) management. Either the general measurement model or the premium allocation approach can be applied, all within a well-defined, robust and transparent environment that takes the complexity out of the process.
“ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner,” said Andy Teale. “The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”
Key benefits of ResQ Financial Reporter include:
- Reduces the manual process and makes reporting more efficient
- Seamless roll-forward functionality, starting with prior period assumptions
- Rapid production of information required for reporting and key business decisions
- Allows insurers to make the maximum use of current reserve analysis and processes
- A transparent and well-governed process
- Ability to refocus actuarial resources on business critical tasks
- The solution allows for a future extension of functionality to produce Solvency II technical provisions and other accounting formats
About ResQ Financial Reporter
ResQ Financial Reporter can work as a stand-alone calculation engine or alongside ResQ, Willis Towers Watson’s market leading reserving solution, and integrate with Unify, Willis Towers Watson’s workflow management system, automation and systems integration solution.
About Insurance Consulting and Technology
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
SOURCE: Willis Towers WatsonTags: IFRS 17, Insurance Consulting and Technology, launch, ResQ Financial Reporter, Willis Towers Watson (WTW)