AutoRek is pleased to announce that they have been selected as the preferred reconciliation tool for a major international underwriter to comply with IFRS 17 standards. The solution allows them to achieve their reconciliation requirements for the IFRS 17 accounting standards.
IFRS 17 represents the biggest change to financial accounting in insurance since Solvency II and is further reaching and more complex. AutoRek historically worked with several clients to assist with Solvency II and is already working with clients as a key element of their IFRS 17 infrastructure.
AutoRek will perform all reconciliations and has the additional benefit of ensuring data quality and completeness requirements are maintained as defined in the IFRS 17 standard. One of the key reasons AutoRek was selected was the flexibility the solution offers in relation to the ever-changing future requirements.
The major international underwriter will achieve the following key business benefits:
- Efficiency – Significant time saving due to the reduction of manual processes.
- Transparency – Clearly defined process and controls framework which maintains the integrity of reconciliations.
- Data Quality Assurance – Each time data is loaded it is validated for its accuracy and completeness to ensure integrity.
- Audibility – The system maintains a full audit trail at a transactional level ensuring accountability.
Piers Williams, Head of Insurance at AutoRek, commented “This represents a significant win for AutoRek and we are looking forward to continuing to develop our IFRS 17 offering as we work towards the go live date in January 2023”.