Anaplan, a cloud-based business planning and performance management platform, in collaboration with technology firm Deloitte, has launched an IFRS 17 General Insurance application.

Issued by the International Accounting Standards Board in May 2017, the IFRS 17 is an accounting standard that will impact the insurance industry worldwide.

The standard, which will come into force from 2021, will change the way organisations evaluate, account and report insurance contracts.

Anaplan said that the new solution integrates the strengths of the Anaplan platform for connected planning with Deloitte’s actuarial, finance and data expertise.

With a complete set of functionalities, the IFRS 17 solution opens additional business value to address contract service margin calculations, planning, budgeting, cost allocations, management information, reporting and disclosures.

Additionally, the offering will enable Anaplan users to run sensitivity analyses and simulations, scenario modelling and IFRS 17 impact assessments of any material changes in the business.

Combined with Deloitte’s unified data and disclosure management platforms, these models provides a cost effective, and value adding, end-to-end IFRS 17 solution.

Deloitte Australia partner Thierry Lotrian said: “The main differentiator of the IFRS 17 solution is the strong involvement of the Deloitte actuarial and finance teams.

“The teams have co-designed and stress-tested the models to bring their intellectual property to life in the Anaplan platform.”

Available on Anaplan’s App Hub, the IFRS 17 solution will be rolled out by Deloitte at the Anaplan Financial Services Summit on 2 October in London.