According to the Chartis Report “Insurance Risk Systems for IFRS 17/LDTI 2020: Market Update and Vendor Landscape, PwC’s IFRS 17 in a Box offering demonstrates best in class capabilities and market potential in general ledger integration, subledger accounting, insurance contract qualification, and accounting recognition supporting multiple standards for IFRS17 and LDTI risk and compliance requirements. Also, PwC earned a leading position in data management and reporting solutions for IFRS17, with best in class capabilities in data lineage, tagging, and reporting and visualization.
The report states that “IFRS17 and LDTI are broad, comprehensive standards and cannot fail to impact insurers analytical frameworks. Both standards will have significant impacts on insurers – on their operations, resource allocation, technology budgets and infrastructure, and possibly even their business models. Although IFRS 17 and LDTI are accounting standards, a significant part of the compliance process will lie with a firm’s actuarial function.”
According to Immy Pandor, Partner, IFRS 17 In A Box global lead, PwC said: "PwC greatly appreciates the recognition by Chartis Research of our commitment to clients with solutions and services to address the compliance requirements of these new analytic, accounting, and reporting standards for the Insurance market. Our insurance clients today, specifically those in the mid-market, seek IFRS 17 compliance solutions that not only provide the feature and function capabilities described in this report, but as importantly the deep industry, accounting, functional, and implementation knowledge that PwC is known for globally. We feel this complete ecosystem of software and services provide us unique differentiation in the market."