Regulatory reporting software of the year: Moody's Analytics

Insurance reporting is becoming increasingly demanding on human and computational resources. Choosing the right software solution is essential for efficiency and risk reduction, and Moody's Analytics won the regulatory reporting category for helping its clients cope with change, transform to become more productive and upgrade their governance.

The firm's Axis actuarial modelling system, widely used by insurers in North America, was acknowledged by InsuranceERM's judging panel for providing a comprehensive and effective solution. It provides a single system that assures consistency and robust calculations for financial reporting and risk-based capital measurement.

Keeping up with changes to regulations is vital for a reporting solution, and Moody's Analytics is providing support for pending standards such as the Long Duration Targeted Improvements (LDTI) to US GAAP, the Current Expected Credit Loss standard, and the international financial instruments (IFRS 9) and insurance contracts (IFRS 17) accounting standards.

For example, the firm has introduced Risklntegrity for LDTI, designed to bridge actuarial modelling systems with client accounting systems, with the ability to integrate with the framework-specific calculations produced by the Axis system or other actuarial platforms.

Risklntegrity for LDTI covers all fulfilment and disclosure requirements, such as producing reports for entity or cohort-level disclosures, and analysing change in assumptions and metrics.