IFRS 17

International Financial Reporting Standard

The main objective of IFRS 17 is Standardize insurance accounting globally to improve comparability, Increase transparency and provide accountants with the information they need to meaningfully, understand an insurance company's financial position, performance and risk exposure

The solution to fulfill IFRS 17 compliance
Based on a large experience of IFRS 17 solutions and implementations,
Elite software providing a smart solution that focus on the IFRS 17 compliance in a flexible and safe financial strategy.

Addressing the end-to-end process

A. Providing several methods and levels of data integration (Data integration, UI layer integration, Fully integrated)

B. IFRS 17 Calculation Engine: Calculations (GMM, VFA, PAA, LIC, LFRC)

C. Accounting Engine

D. Risk Management Engine

E. Reporting Engine

Establishing compliance with IFRS 17

A. Configure chart of accounts Specialized in IFRS 17

B. Providing all IFRS 17 disclosures

C. Cash flow generation with
patterns

D. Different calculation bases

E. Allocations

Flexible approach

A. Easy implementation

B. Flexible Delivery Models

C. User friendly interface

D. Business Intelligence

E. Cost effective

Business approach

Scope of IFRS 17

Insurance Contracts Issued.
Reinsurance Contracts Held.
Investment Contracts with Optional Participation Features.

Recognition

IFRS 17 is based on several foundations for recognizing insurance contracts:

Recognition timing of issued insurance policy
Recognizing cash flows for the acquisition of insurance contracts

Disclosures

The disclosure requirements of IFRS 17 aim to provide appropriate information in financial reports and accompanying notes,
in order to improve the quality of the information presented in these reports.

Separating Insurance Components

IFRS 17 requires that non-insurance components of an insurance contract be separated according to their characteristics, and should be accounted for separately
In order to improve the quality of financial reports

Measurement Model

IFRS 17 sets out three approaches to measuring the group of insurance contracts within its scope

General Measurement Approach
Premium Allocation Approach
Variable Fee Approach

Risk Management

It is the process of predicting risk, measuring risks, and developing strategies to manage them.

When IFRS 17 has been applied, the insurer should disclose all risks arising from insurance contracts that fall within the scope of the IFRS 17, therefore an integrated risk management system becomes an essential part of the insurance business requirements.

Insurance portfolio

IFRS 17 requires that contracts with similar risks be aggregated into a single portfolio and then requires that the single portfolio be divided into groups.

IFRS 17 Presentation

IFRS 17 requires a company to present separately the total assets and liabilities of insurance contracts issued and reinsurance contracts held in the financial statement .

Business intelligence

Support and facilitate better business decisions.
Allows insurer access to information that is critical to the success of multiple areas including finance, Claims, insurance contracts, Reinsurance, marketing and a multitude of other areas and departments.