WTW launches new tech to aid P&C insurers implement IFRS 17

Written by Adam Cadle

09/12/2019

Willis Towers Watson has launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17.

ResQ Financial Reporter will provide an easy-to-implement and efficient framework to generate financial statements and supporting disclosure requirements of this complex standard. This will save insurers valuable time and effort in their end-to-end IFRS 17 reporting processes.

“Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda,” said Andy Teale, global IFRS 17 P&C technology leader, at Willis Towers Watson.

“Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation. Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life, with rapid implementation and early sight of the numbers, giving (re)insurers the time to digest the impact of the standard on the wider business decisions.”


Key benefits of ResQ Financial Reporter include:

- Out-of-the-box functionality and rapid implementation

- Reduction of manual processes and more efficient reporting

- Flexible integration with current systems and data sources

- End-to-end reporting process and seamless roll forward functionality

- Easy maintenance

- Comprehensive audit trails and well-governed, transparent processes

Related Articles