PwC’s Simplified Solution for IFRS 17

Working together to deliver value to your business

Our Simplified Solution for IFRS 17 (SS17) is a managed service that accelerates insurers’ IFRS 17 projects and de-risks implementation and ongoing reporting with minimal changes to current systems. We have combined specialists from actuarial, accounting, IT and data analytics to implement a cloud based “model office” in a productionalized, controlled environment. You give us your input data, we provide you the IFRS 17 files and reports you need for your financial statements and disclosures.

PwC's Simplified Solution

PwC has combined specialists from actuarial, accounting, IT and data & analytics to implement a cloud based IFRS 17 “Model Office”. Through integration with leading industry solutions, we can serve as your back office for IFRS 17 and management reporting.

 

Infrastructure

  • Azure Cloud enabled in Canada, multi tenanted, with 99% plus SLA,  supporting the complete data lifecycle management. Reduced total cost of ownership.

  • PwC’s platform integrates with Moody’s Analytics (MA) RiskIntegrityTM for IFRS 17.

  • Supports IFRS 17 subledger and ledger through advanced APIs.

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Data

  • Data ingestion scripts, data transformation, data curation, and data modelling capabilities. 

  • Enhance trust in data through embedded data dictionary, business glossary and metadata, data quality profiling, provide for auditability.

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Governance

  • System and process controls are integrated into our service to give you the necessary comfort of timely and quality financial reporting. 

  • IT General Controls (ITGC) to give you confidence over the integrity of our services and deliverables.

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Reporting and analytics

  • Complete IFRS 17 financial statements supported by the IFRS 17 journal entries and disclosure results, and customized management reporting.

  • Leverage workbench to gain full access to historical data for profiling, discovery and mining, using PwC advanced analytics tools (e.g., self-service scenarios) and viewers.
  • Automated OSFI quarterly and annual reports

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How does it work?

You give us your input data, we provide you with the IFRS 17 reports you need. Our cloud based service includes full data management capabilities including curation and standardization for building data models, and supporting integration with various actuarial tools, financial reporting systems, and downstream applications.

Why choose PwC’s Simplified Solution for IFRS 17?

From our experience, smaller companies can benefit from an outsourcing partnership to address the demands of changing environments not aligned with their core competency. In addition to de-risking delivery of accurate and timely financial reporting, outsourcing can also be a more cost effective solution than buying a vendor solution and integrating with your systems and processes.

  • We use the same infrastructure for all clients. Our development and maintenance, which would be comparable to yours, is spread over our client base.

  • There will be on-going development, deployment, and maintenance of data analytics offerings that streamline business processes and create new high-value opportunities for cost reduction and business growth. This includes integration with line of service specific tools such as PwC Pro for OSFI reporting.

  • The infrastructure is already in place and tested in a cloud environment. All we need to do is customize it to your specific requirements. 

  • Our Simplified Solution for IFRS 17 service is specifically designed to accelerate IFRS 17 transition readiness by providing the critical talent, expertise and capabilities that would otherwise be prohibitively expensive or challenging to obtain.

  • Adopting our Simplified Solution for IFRS 17 service mitigates risks associated with business continuity. 

  • Key person risk is minimized when compared to implementing a vendor solution on premise.

  • Embedded controls and data governance features are included in our tool to meet audit requirements.

  • Simplified Solution for IFRS 17 has been developed in a modern cloud framework and has been designed for rapid adaptability as IFRS 17 matures.

  • It is scalable for more complex and larger analytic requirements as your needs evolve.

  • Our service is delivered by IFRS 17 subject matter specialists across IT, actuarial, accounting and data & analytics. 

  • It has been designed, built, tested and deployed using industry leading practices.

Contact us

Marco Fillion

Marco Fillion

Partner, National Actuarial Services Leader, PwC Canada

Tel: +1 416 814 5789

Phillip A. Hattingh

Phillip A. Hattingh

Partner, One Analytics, PwC Canada

Tel: +1 416 687 8545

Owen Thomas

Owen Thomas

Partner, Insurance, IFRS 17 Leader, PwC Canada

Tel: +1 416 687 8009

Joe Soga

Joe Soga

Director, Actuarial Services, PwC Canada

Tel: +1 416 815 5072

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