Global advisory, broking and solutions firm Willis Towers Watson (WTW) has released its new IFRS 17-based reporting solution, Financial Results Analyser (FRA).

Implementing IFRS 17, the international insurance accounting standard for contracts, has been a struggle for many companies. This is a result of inadequate data systems, lack of resources, and also a shortage of expertise leading to dry runs, and further slowing of understand.

As a result, WTW has launched the Financial Results Analyser tool to meet the reporting requirements of (re)insurers. As a part of the IFRS 17 Enterprise Solution, FRA extends the reporting functionality to provide out-of-the-box IFRS 17 reporting in a controlled, streamlined, and automated environment.

Boosts include:

  • Providing a common solutions;
  • Providing context to the numbers by providing side-by-side analysis over time;
  • Enabling users to see the results in new ways through innovative analytics, and
  • Storing and managing the detailed results to support internal and external reporting.

David Patton, global head of finance advisory, ICT, WTW, said: “FRA helps users achieve the new IFRS 17 accounting standard in a transparent, controlled and efficient way. It uses high levels of automation in a governed and auditable environment, and delivers insightful financial reporting, actuarial detail, and sub-ledger capabilities in an end-to-end solution that also generates wider business value.”

He added: “Our solution meets the needs of reporting in a post-IFRS 17 world, where the actuarial and accounting reporting requirements are even more interdependent, and where the need for a well-structured, automated, controlled data model is vital. Targeting ease-of-use, cost-effectiveness and process efficiency, we have designed a system based on our deep industry expertise, which will extend the existing WTW technology solutions.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.