IFRS 17 Solution

IFRS 17 (IFRS 4 Phase II) establishes new mandatory guidelines for the accounting of insurance contracts.

We propose CCH® Tagetik, a solution with an agile and non-disruptive approach that simplifies the process of addressing new requirements, integrates with other applications and systems by reusing existing common information, automating tasks and bringing more value to financial management.

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Calculation Power: Kit with the necessary calculations to provide reports on insurance contracts.

Data Volume: Designed to handle large data sets and process calculations from multiple sources, with a high degree of granularity.

Reporting Agility: Includes Starter kit for IFRS 17 with pre-configured calculations and reporting templates.

Full Audit: Complete information on the audit of the process. Accuracy and quality of data, providing accurate information.

Calculation Power: Kit with the necessary calculations to provide reports on insurance contracts.

Data Volume: Designed to handle large data sets and process calculations from multiple sources, with a high degree of granularity.

Reporting Agility: Includes Starter kit for IFRS 17 with pre-configured calculations and reporting templates.

Full Audit: Complete information on the audit of the process. Accuracy and quality of data, providing accurate information.

Solutions

Solutions

IFRS 17

The practical implementation of IFRS 17 means a different understanding and analysis of the results of the financial statements, and consequently obliges companies to make, among others, changes in:

  • Operational cost management (update cost allocation systems to obtain acquisition costs at contract level, etc.),
  • Performance assessment (adaptation of KPI’s, currently based on volume, revenue and profitability, while the new standard focuses more on performance).
  • The reporting model (reporting requirements must be aligned with IFRS 17).
  • Financial systems architecture (operational systems, actuarial models, accounting, consolidation and other performance management systems will be affected).
Request a demo
Request a demo

PMP is a Reseller and Platinum Partner of Wolters Kluwer
CCH® Tagetik

PMP es Reseller y Platinum Partner de Wolters Kluwer CCH® Tagetik. This condition is endorsed by a portfolio of clients and implementation partners to whom we provide support in all sectors of activity for the optimization of different processes. We have accumulated extensive experience as product experts at CCH® Tagetik since 2010. Our consultants have solid knowledge and skills, which is why we also provide the Official CCH® Tagetik Training.

PMP es Platinum Partner de CCH Tagetik

Benefits and Advantages

IFRS 17 Solution

To comply with IFRS 17 regulations, CFOs have a great challenge: to find technological alternatives that increase the efficiency of the finance function by supporting the complicated calculations involved in the adoption of the new standard; achieving a higher level of integration between financial, actuarial and risk processes.

Processes with a high manual load, little confidence and integrity in the data, limitations to simulate scenarios, disconnection between the different areas and plans of the organization, little auditable information in the required detail; These are some of the problems faced by those responsible for planning and budgeting. It is necessary to shorten the budget cycle, redistribute resources, integrate the different operating plans and budgets in a solution with guarantees of data security and reliability, gain visibility and analysis in real time to add value to decision making. Meet CCH® Tagetik, a unified solution that integrates and automates different plans(Expense Budget, Cash Flow, Workforce, Production, Sales, etc.) in a single tool.

Calculation Power

Kit with the necessary calculations to provide reports on life and non-life insurance contracts.

Data Integrity

Ability to make manual adjustments that are posted back to existing systems to ensure data consistency and guarantee the integrity of the information.

Large Data Volumes

Designed to handle large data sets and process calculations from multiple sources, with a high degree of granularity.

Full Audit

Full audit of the process, allowing all changes to be recorded, ensuring data accuracy and providing accurate information.

Reporting Agility

includes Starter kit with pre-configured calculations and report templates that ensure a smooth deployment of reports.

Usability

Highly intuitive user experience based on a powerful graphical workflow that facilitates online collaboration and full process visibility.

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