IFRS 17 – Insurance Accounting

January 2021 is the deadline for Insurance firms to implement the new IFRS 17 standard for Accounting for Insurance Contracts. Meeting the new standard will be a significant challenge for many firms. Legerity’s FastPost platform handles the detailed accounting rules, contract service margins, cash flow valuations and risk adjustments required for IFRS 17 – as well as the granular data required to report with confidence.

DATA

Designed to support high volumes of granular data, FastPost is capable of holding and processing hundreds of thousands of insurance contracts. Disparate data sources are integrated quickly through a standardised interface, resulting in a single and accurate accounting and risk provisioned repository of insurance contracts – normalised in a uniform format available for IFRS 17 reporting and disclosure.

CALCULATIONS

FastPost’s high performance rules platform enables IFRS 17 accounting for all insurance contracts. It is specifically designed to handle complex finance and risk calculations at speed. FastPost is a core part of an IFRS 17 system architecture and supports all three implementation approaches: Building Blocks Approach (BBA), Premium Allocation Approach (PAA); and the Variable Fee Approach (VFA).

REPORTING

FastPost brings the required finance and actuarial data together for IFRS 17 reporting. IFRS 17 requires judgements and decisions to be made across the accounting process and FastPost delivers a consistent, traceable approach with full audit trail to illustrate adherence. The FastPost Contract Sub-ledger unlocks valuable, validated financial information to support forward looking business decisions.