The International Accounting Standards Board (IASB) has developed a new financial reporting standard for insurance companies called IFRS 17 that significantly impacts financial disclosures, entire data and system landscapes, and responsibilities through various stakeholders. The goal of IFRS 17 is to establish more standardized and transparent financial reporting for insurance companies all over the globe. It becomes effective by 1st of January 2022, with a one-year transition phase prior to that date.
SAS already supports insurance companies that are facing the technical and functional challenges of IFRS 17. We accompany our customers in implementing the right architectural design concepts for either integrating with existing landscapes or reshaping them. We offer both data management tools and analytical content that is specific to the IFRS 17 regulation and beyond.
- General Measurement Model, Premium Allocation Approach and Variable Fee Approach
- Risk Adjustment
- CSM Calculation
- Sub Ledger
- General Ledger
- Postings