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.”