Reserves and IFRS 17
The actuary calculates reserves on the system’s own contracts and claims, with no exports to spreadsheets. Nine algorithms cover unearned premium, claims and life reserves, and IFRS 17 is kept by groups of contracts with the CSM movement.
Plan Professional and Enterprise plans.
What is inside
- UPR: unearned premium reserve
- RBNS and IBNR by the Chain-Ladder and Bornhuetter-Ferguson methods
- Equalization reserve and the life mathematical reserve
- IFRS 17: GMM, PAA and VFA models, groups of contracts, CSM movement, RA and FCF
- Versioned actuarial assumptions
- Loading of payment triangles from the previous system and a visual triangle
- Portfolio metrics: loss ratio, frequency, average claim
- Plan versus actual reserve comparison
Conditions
The insurer’s actuary chooses and approves the methods and assumptions: the system runs the calculation and keeps its history but does not replace the actuarial opinion.
These parts of the module are on the product roadmap. We confirm timing and scope during implementation.
- Scenario modeling
- Regulatory reserve forms in automatic mode
Frequently asked questions
Do we need separate software for IFRS 17?
No. Groups of contracts, the GMM, PAA and VFA models and the CSM movement are calculated in the system on the same data as local reserves.
Can we load history from the previous system?
Yes. Payment triangles are loaded from a file and are used in the IBNR calculation at once.
How often are reserves calculated?
On a background job schedule and at the actuary’s request. Every calculation is saved with its version of assumptions.
Use cases with this feature
Other features
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.