Managed Finance Solutions for Insurers

Navigating the complexities of International Financial Reporting Standards 17 (IFRS 17) has been challenging for many insurers, leading to extended working day timetables and increased pressure on staff. Our robotic process automation (RPA) solution automates the end-to-end process of data ingestion, calculations and report generation, streamlining what’s typically a labour-intensive task. By reducing manual effort grappling with the intricacies of reporting requirements, our solution not only simplifies compliance but also empowers your team to focus on strategic business initiatives.

The pressures of IFRS 17 have significantly delayed many insurers’ modernization journeys, creating a complex reporting environment that can lead to burnout and confusion among staff. Our RPA tool alleviates these pain points, allowing your organization to regain momentum in its transformation efforts. With a focus on efficiency and accuracy, our solution helps demystify the reporting process.

The technology and methodology behind our Simplified Solution for IFRS 17 (SS17) extend well beyond compliance. This solution serves as a foundational step in your broader finance transformation journey, applicable to any process involving data inputs, calculations or transformations of that data and/or output generation. By leveraging automation technology, insurers can unlock significant capacity across their operations, fostering innovation and agility.

Why PwC Canada?

Insurers can greatly benefit from a managed services partnership to kick-start or accelerate their finance function transformation. In a recent PwC survey, we found businesses working with a managed service partner to cut costs, bridge capability gaps and take strategic advantage enjoy a performance premium (the combined effect of profit margin and revenue growth in industry-adjusted terms) of more than 40%.

Advanced tools and technologies

We integrate Alteryx and RPA with a leading IFRS 17 cloud platform, creating a powerful solution that automates complex tasks such as data ingestion, preparation, configuration, validation, reporting and analytics. By reducing manual effort and errors, we streamline processes and enhance efficiency. Additionally, our automation capabilities generate valuable insights and key performance indicators (KPIs), producing dynamic dashboards that support informed business and investment decisions. We bring experience across the full suite of tools and technology, from low-code solutions to advanced artificial intelligence (AI)-powered platforms.

In-depth insurance knowledge

Leveraging a robust team of experienced professionals in Risk Modelling Services and IFRS 17, we provide the domain-specific expertise insurers demand. Our global network of insurance specialists is trusted by industry leaders and actively engaged in analyzing, advising and disseminating insights on the latest developments and interpretations of IFRS 17. We’re committed to staying at the forefront of industry trends and regulatory changes, enabling our clients to receive timely and accurate guidance to navigate complex compliance landscapes effectively.

Strategic partnerships

We deliver an end-to-end solution that integrates advanced analytics with regulatory compliance to help insurers meet IFRS 17 requirements with precision and efficiency. Our strategic alliances with technology leaders, such as SAP, Oracle, AWS, Salesforce, Workday, Microsoft and Google, enhance our service delivery, providing targeted and comprehensive solutions to address critical business challenges. Through these partnerships, we combine our expertise with cutting-edge technologies to support transformation initiatives and enable sustainable growth and operational resilience.

Extensive insurance expertise in process optimization

Our global experience spans a wide range of insurers, from specialty insurers to global brokerage firms, and we offer tailored solutions that help insurers streamline operations and meet evolving regulatory requirements. We’ve developed assets and accelerators that help organizations identify and understand process inefficiencies, prioritize improvements based on return on investment and implement automation to drive efficiency. Ultimately, we help insurers enhance productivity, reduce operational risks and achieve sustainable performance improvements.

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 an organization’s internal trial balance, their provided tax entries and journal entries from our IFRS 17 calculation service to support financial reporting and regulatory filings.

OSFI reporting service

Integration with analytics platforms, like Power BI, enables users to gain deeper insights from our calculation service outputs, generating wide insights on KPIs, facilitating data-driven decisions and enhancing overall business intelligence.

Reporting and analytics

Integration with analytics platforms, like Power BI, enables users to gain deeper insights from our calculation service outputs, generating wide insights on KPIs, facilitating data-driven decisions and enhancing overall business intelligence.

Process diagnostic

Uncovers opportunities by assessing an organization’s workflows against recognized practices in the insurance sector, pinpointing inefficiencies and highlighting areas for improvement to streamline processes, enhance efficiency and reduce operational risks.

Automating and adopting our SS17 service frees capacity within your teams
Key-person reliance is reduced and working day timetables are streamlined to enhance efficiency and consistency in daily operations
Enables economies of scale, lowers costs and enhances efficiency by leveraging our automated processes and specialized expertise

When integrated across various applications, modular workflows enable standardized processes
System and process controls are integrated into our service to provide timely and quality financial reporting
IT general controls and embedded data governance features enable the deliverables to meet audit requirements with confidence

Complete IFRS 17 financial statements are supported by IFRS 17 journal entries, disclosure results and customized management reporting
OSFI quarterly and annual reports are automated
Built-in KPIs and dashboard enable business insights and investment decisions