IFRS17 Insurance Reporting
Unified Reporting for Insurance Leaders on the OneStream Platform
Transform Your Insurance Reporting with AIQOS IFRS17
In today's complex regulatory landscape, insurance companies face unprecedented challenges managing dual reporting requirements. The AIQOS IFRS17 solution for OneStream delivers a unified platform that seamlessly handles both management reporting (IFRS 4) and statutory compliance (IFRS 17) without compromise.
The Challenge
Insurance companies are navigating a critical transition period:
- Legacy systems struggle with the stringent demands of IFRS 17
- Maintaining IFRS 4 for management reporting while implementing IFRS 17 for statutory requirements
- Need for transparent audit trails between different reporting standards
- Complex multicurrency and multi-entity consolidation requirements
- Extensive year-end disclosures with rigorous control requirements
Our Solution: AIQOS IFRS17 on OneStream
One Platform, Dual Reporting Views
AIQOS IFRS17 leverages the power of OneStream to create a unified financial reporting solution that gives insurance leaders the best of both worlds:
- Management View (IFRS 4): Maintain consistent internal performance analysis
- Statutory View (IFRS 17): Meet regulatory compliance with confidence
- Complete Transparency: Full audit trail showing the transition between reporting standards
Fitch Ratings: Key Learnings from the First Full Reporting Cycle Under IFRS 17
Fitch Ratings believes the introduction of IFRS 17 represents a significant move towards transparency and comparability of insurers’ financial statements. New IFRS 17-introduced metrics like the contractual service margin provide insights into insurers’ capitalization and earnings drivers that were not previously available to users of financial statements.
Comprehensive Global Coverage
IFRS 17 is the latest global accounting standard applicable to insurance companies that is applicable in most major jurisdictions, excluding the US. It came into effect on 1 January 2023. In 2024, insurers published their first set of full-year results under IFRS 17, which Fitch used as a basis for the analysis in 2024 alongside end-2022 comparative figures. Our solution spans multiple countries and currencies across major regions.
End-to-End Process Integration
- Seamlessly connect with multiple data sources, including SAP
- Automated and on-demand data loading with built-in control checks
- Customizable workflows tailored to your specific reporting needs
- Complete audit trails for all journal entries across standards
Key Features
Dual Reporting Excellence
- Switch between management and statutory views with a single click
- Transparent audit trail of adjustments between IFRS 4 and IFRS 17
- Consistent data validation across all reporting perspectives
Workflow Automation
- Structured workflows guide users through each reporting stage
- Built-in control checks ensure data integrity throughout the process
- Team sign-offs at each stage ensure accountability and ownership
Comprehensive Disclosure Support
- Generate over thirty detailed year-end disclosure notes
- All notes tied to control checks are linked to the balance sheet
- One-click report generation with detailed audit packs
Advanced Financial Capabilities
- Multicurrency reporting with automated currency translation
- Automated elimination of consolidation entries
- Complex calculations including goodwill and bargain purchases
- Fully automated Foreign Currency Translation Reserve (FCTR) process
Why AIQOS IFRS17?
Regulatory Compliance Without Compromise
Our solution ensures you meet IFRS 17 requirements while maintaining the management reporting you depend on for business decisions.
Enhanced Data Accuracy
Rigorous control checks and validation processes at every step guarantee reliable financial data.
Operational Efficiency
Streamlined workflows and automated processes reduce the burden on finance teams.
Clear Visibility
Transparent reporting with complete audit trails provides confidence in your financial data.
Future-Proof Solution
Built on the powerful OneStream platform, our solution evolves with your business needs.
Proven Success
Our IFRS 17 OneStream implementation has successfully helped insurance clients transition from legacy systems to a unified reporting platform that delivers:
- Enhanced data accuracy and integrity
- Streamlined reporting processes
- Complete transparency between reporting standards
- Compliance with international insurance accounting standards
- Greater agility in meeting both management and statutory obligations
Ready to Transform Your Insurance Reporting?
Contact our team today to learn how AIQOS IFRS17 on OneStream can help your organization master the complexities of dual reporting while ensuring regulatory compliance. We can plan a demo for your team or provide a reference.
