IFRS 17 Plan B

by Systemorph

End-to-End Solution
Implementation Time: 9-12 months
Fix price for Implementation, Operation & maintenance for 5 years
Proven Solution based on major implementations

At a glance

  • End-to-end IFRS 17 solution
  • Implementation, Operation & Maintenance out of one hand
  • Established & Operational IFRS 17 solution already in parallel run
  • 4 different implementation types, scoped to your requirements
  • Financial security through a 5 year fix price deal
  • Scalable cloud solution on Microsoft Azure

The Deal Solution

Solution Architecture

The solution will be integrated within your system landscape and embedded into the end-to-end reporting process of your organization.

Solution Components

Our IFRS 17 offering typically consists of the scope as illustrated below enabling a fully end-to-end solution embedded into your system landscape and operated as a Software as a Service solution.​

Valuation Approaches

  • Building Block Approach Life
  • Building Block Approach Non-Life
  • Building Block Approach Reinsurance
  • Premium Allocation Approach NL
  • Premium Allocation Approach Re
  • Variable Fee Approach

Functions

  • Calculate performance KPIs
  • Perform multi currency calculations
  • Handle transition data
  • Projections
  • Sensitivities to based scenario
  • Validate data import
  • Version control and re-statements

Reporting

  • Analysis of change
  • Profit and loss statements
  • Balance sheet reports
  • Aggregation and drill down, drill down, slicing, filtering
  • Financial performance and performance KPIs
  • Sensitivities and projections

Journal Entries

  • Production of general ledger accounting journal entries
  • Provision of delta posting
  • Provision of reverse postings

Process Automation

  • Update FX rates
  • Update reporting hierarchy
  • Run closing process
  • Update methodologies
  • Update reference data
  • Update risk parameter
  • Update process configuration

Embedding

  • Inbound interfaces
  • Outbound interface to general ledger
  • Output to xls, csv, PdF
  • Reversal posting
  • Authentication of user-based roles in customer Azure Active Directory

Non-Functional

  • Compliance with customer data and IT security requirements
  • Embedding it customer IT system landscape fulfilling availability req.
  • Compliance with customer performance and load requirements
  • Provision of geo redundant hosting of multiple environments

Operating Platform

  • Provision of geo-redundant hosting of Development, Test, Acceptance, Sandbox and Production environments
  • Fulfilment of customer availability requirements
  • Provision of disaster recovery and retention services

Solution Platform

Our solution is hosted on Microsoft Azure, the worlds most trusted platform for business customers enabling unmatched scalability, reliability and security

Solution Services

Implementation Plan

Wave Scope

Wave 1
  1. Develop data importers and business processes​
  2. Implement PAA valuation model​
  3. Solution integration architecture and user access​
  4. Set up hosting platform and environments​
Wave 2
  1. Continue developing importers​
  2. Implement BBA and VFA valuation model​
  3. Roll out to pilot reporting entity​
  4. Configure validation layer​​
Wave 3
  1. Continue implementing BBA and VFA valuation model​​
  2. Prepare posting logic and produce journal entries​
  3. Implement sensitivities​​
  4. Roll out to all reporting entities​​​
Wave 4
  1. Refine valuation models and postings​​​
  2. Complete validation layer​​
  3. Complete user interface and reports​​​
  4. Performance and load testing, penetration testing​​​​

Solution Pricing

Systemorph AG offers you the implementation & the operation of the IFRS 17 solution for a 5-year-contract to a fix-price. The fix price depends on your specific requirements for your individual IFRS 17 reporting challenges:

The selection of the implementation type & pricing is dependent on the reach of the insurance Group (multi vs national) and its insurance portfolio (mono vs multi line).

The Custom Built is a Solution that is fully tailored according to the specific customer needs.

Delivery Approach

Due to our seasoned industry experienced actuaries, IT professionals and project managers we turn rudimentary specifications with real business data in three week iterations into workable software increments, which the business can evaluate, ask for refinements and pass on new requirements for the next iteration. We do this in close collaboration with our customers.

Delivery Team

We have a highly responsive, experienced actuarial and IT team with long lasting experience in the insurance industry. Thanks to our experience we get instant traction with minimum data sets and spec’s. Through our short development iterations we deal with changes and surprises comfortably. Our platform is equipped with a rich tool box that allows customizing to any specific customer needs.

Delivery Contract

IFRS 17 is a most challenging project. Trust and confidence in the solution provider are paramount in order to make a decision. We have developed this step-by-step process in order to demonstrate our capabilities through a PoC in a real-life environment with one of your most challenging IFRS 17 topics.

Testimonials

Baloise Group signs contract to fulfill IFRS 17 reporting and compliance requirements with Systemorph solution Systemorph, a leader in data management solutions for insurance and banking, today announced that it signed a contract with Baloise Group to implement and run its IFRS 17 solution for Baloise Group to comply with the new international reporting standard.

Baloise Group chose the Systemorph solution because it delivers an important part in the overall auditable end-to-end reporting process. This easy, transparent, consistent and custom-built solution to meet the specific Baloise Group requirements enhances the collaboration between actuarial, finance and IT departments.

After the implementation phase Systemorph will provide the IFRS 17 solution as Software-as-a-Service (SaaS) for Baloise Group.

The Systemorph IFRS 17 solution includes all group-wide calculation functions required to comply with the accounting standard and will be used by Baloise Group for its IFRS 17 reporting.

If you want to know more about IFRS17

If you want to compare us

About Systemorph

Founded in 2011 Systemorph AG is a privately held Swiss technological company specialized in building data driven software solutions for the financial services market. The company aims for streamlining and simplifying the management of data centric functions by providing custom focused solutions with short implementation times providing ongoing application management and support during the entire lifecycle of the solution at unmatched cost in a very customer friendly way. The basis for this offering is the powerful and proven Systemorph Vertex Smart Data Platform.

With IFRS 17 reliable data management gets even more important as the requirement for data granularity and traceability are increasing. Systemorph with its comprehensive data management platform offers tailor-made (end-to-end is possible but we use what is there and makes sense) solutions to fulfil the requirements of IFRS 17 in time at unbeaten cost.

We are looking forward to finding out the solution fitting your needs.

Website: www.systemorph.com

IFRS17 Initiative Team

Roland Bürgi

Founder and CEO

For over a decade Roland worked as a business architect in the reinsurance industry, designing models, business processes and software systems for pricing, internal models, economic scenario generation, and operational risk.​

Noticing the lack of standard software in this area, Roland founded Systemorph to provide an agile software platform serving the needs of the financial industry for managing business data.

Recognizing early IFRS 17 as on of the most challenging implementations, he turned Systemorph into a specialised company for regulatory requirements.

Daniel Trzeniak

Head of Product Strategy & IFRS 17 Initiative Lead

Daniel has several years of experience in the reinsurance industry. He started his career as a pricing actuary, where he developed tools and systems for non-life reinsurance.

Afterwards, he moved into treaty underwriting and structuring, working for different markets and lines of business. During this time, he became an expert at costing models and marketing complex reinsurance transactions.

Daniel currently works at Systemorph as Head of Product Strategy and IFRS 17 Initiative Lead.

Martin Buess

Head of Sales and Pre-Sales

Martin has held several senior management positions in the Global Insurance Industry over the past 20 years. This include Global Lead for the evaluation and implementation IFRS 17 for Life Actuarial along with the design of the global target operating model, Global Head of General Insurance Claims Business Intelligence, Head of European Governance and Performance Management in P&C Operations, Leading Program Restructuring and being the Head of several Finance functions.

He earned an MBA from the University of Rochester, NY, USA. He is currently the Head of Sales and Pre-Sales for Systemorph and Member of the Executive Board.

Andreas Grigull

Head of Business Development

Andreas has been working in the Financial Services Environment for more than 15 years. He held various Sales Management positions at Mondelez, COLT Technology Services, and Verizon Business. Working at Microsoft he was responsible for Business Development in the Financial Industry as well as Partner & Alliance Management.

Andreas holds a Master of Business Administration of the University of Hamburg, Germany.

At Systemorph he is active as Head of Business Development & Managing Director Germany.