Willis Towers Watson launches new software to help implement IFRS 17

Global advisory, broking and solutions company Willis Towers Watson has launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17, the International Financial Reporting Standard issued by the International Accounting Standards Board in 2017.

Willis Towers Watson said the ResQ Financial Reporter will provide an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of this complex standard.

“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda,” said Andy Teale, Global IFRS 17 P&C Technology leader, Willis Towers Watson. “Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation. Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life, with rapid implementation and early sight of the numbers, giving re/insurers the time to digest the impact of the standard on the wider business decisions.”

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.

"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 Tina Gwilliam, global product leader for ResQ at Willis Towers Watson. “The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”

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