Simplified Solution for IFRS 17

Working together to deliver value to your business

IFRS 17 has increased the requirements for financial and regulatory reporting at a time when many insurers are already dealing with staff burnout and additional reporting for ESG, E-23 and other standards. Our Simplified Solution for IFRS 17 (SS17), a managed service, provides a comprehensive and accelerated solution to outsource your IFRS 17 accounting and reporting so your staff can focus on your core business and financial reporting.

We’ve designed a suite of tools and processes to simplify the implementation process. You simply give us your input data, and we provide you the IFRS 17 reports you need for your financial statements, including disclosures and regulatory reporting. This addresses your resource constraints, supports data quality audits and provides stability in reporting. We can also support you in getting this information audited by your internal and external auditors.

With a proven track record serving numerous insurance companies, we’ve built a deep understanding of many IFRS 17 intricacies, including specialization in both the General Measurement Model and Premium Allocation Approach. We have a team of actuaries, accountants, and data and IT professionals to help us deliver IFRS 17 reports to our public and private clients.  Above all, we’ve automated and driven efficiency across the whole process by leveraging our proprietary technology platform.

Why choose our Simplified Solution for IFRS 17?

Smaller companies can often benefit from an outsourcing partnership to address the demands of changing environments not aligned with their core competency. In addition to delivering accurate and timely financial reporting, outsourcing can be more cost-effective than buying a vendor solution and integrating with your systems and processes.

Holistic solutions

We offer a comprehensive suite of IFRS 17 services, including data management, system implementation and ongoing compliance support. This also includes integration with line-of-service specific tools, such as PwC Pro for Office of the Superintendent of Financial Institutions (OSFI) reporting.

Advanced tools and technologies

We’ve integrated our IT tools with the leading IFRS 17 cloud engine and have added appropriate controls to provide streamlined financial reporting and help you make informed decisions based on timely reporting.

Customized strategies

We work closely with our clients to develop customized strategies and solutions that align with their business goals, ensuring efficiency throughout the IFRS 17 implementation process. In general, we’re able to complete implementations within six to eight weeks.

In-depth knowledge

We have a team of more than 20 professionals to provide timely support. Our team has deep expertise in IFRS 17 from an accounting, actuarial and regulatory perspective. We empower insurers to transform their financial reporting processes, mitigate risks and gain a competitive edge in the industry.

How we can help

Calculation service

Calculation of IFRS 17 outputs (actuarial and related journal entries) and generation of IFRS 17 quantitative disclosures per quarterly reporting period.

SS17 G/L service

Maintenance of IFRS 17 general ledger (G/L) using client’s internal trial balance (pre-IFRS 17), client’s provided tax entries and journal entries from our IFRS 17 Calculation service to support financial reporting and regulatory filings.

OSFI reporting service

Population of regulatory returns as prescribed by OSFI based on client’s provided information and the outputs from our Calculation service.

Business outcomes

  • Adopting our Simplified Solution for IFRS 17 service supports business continuity.

  • Key-person reliance is reduced when compared to implementing a vendor solution on premises.

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

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

  • IT General Controls give you confidence in the integrity of our services and deliverables.

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

  • OSFI quarterly and annual reports are automated.

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Contact us

Dave Harris

Dave Harris

Partner, National Risk Modelling Services Leader, PwC Canada

Tel: +1 416 869 2475

Joe Soga

Joe Soga

Managing Director, Risk Modelling Services, PwC Canada

Tel: +1 416 815 5072

Simon Couture

Simon Couture

Partner, Risk Modelling Services, PwC Canada

Tel: +1 647 244 6230