Closing the reporting period
Reserves, IFRS 17, reinsurance and the regulatory report from the same data.
Situation
At the end of the quarter, the actuary, the finance team and the reporting department need consistent figures. When data is collected from several systems, most of the time goes into reconciliation.
How it works in the system
- 01The actuary runs the UPR, RBNS and IBNR calculation with Chain-Ladder or Bornhuetter-Ferguson using an approved version of assumptions
- 02IFRS 17 measures and the CSM movement are calculated by groups of contracts
- 03Premium and claims bordereaux are generated under reinsurance treaties, and the settlement is posted as an accounting entry
- 04Accounting events are sent to 1C
- 05The regulatory report is generated from a template, signed with a timestamp and submitted from the system
Result
Reserves, reinsurance and reporting rely on the same data. No reconciliation between systems is needed, and every calculation is stored with its version of assumptions.
Features in this use case
Reserves and IFRS 17Professional and Enterprise plans.
ReinsuranceProfessional and Enterprise plans.
Regulatory reportingAll plans. Basic reporting in Starter.
Shall we show the system on your products?
We will build your product in the builder, take a policy from quote to claim and estimate the implementation cost for your lines of business and countries.