Following extensive build up and preparations, IFRS 17 came into force in January 2023 and the industry began getting to grips with the significant changes the new accounting standard introduces.
WTW says its IFRS 17 Enterprise Solution helps clients "get the IFRS 17 numbers out" how and when they are needed, as well as integrating multiple systems throughout the production process.
The insurance technology and advisory company says the software also aids with automating workflow improvements and governance.
WTW explains more than 60 client groups worldwide are using components of the offering, and sales in 2021/22 led to it doubling its client base. The provider has worked on IFRS 17 projects for more than 150 insurers globally.
"We have built our solution where the heart of the standard is, which is the cash flow and the reserving space and this is what our clients demanded," says Andreas Schroeder, global IFRS 17 life technology leader at WTW.
Schroeder explains its focus during the past 12 months has been on solution deliveries, system dry runs, and improving actuarial assumptions and transition calculations for the opening balance sheet.
InsuranceERM's judges noted the offering is a comprehensive out of the box solution that covers both life and non-life aspects and provides sufficient flexibility to integrate with existing systems.
Now that the standard has gone live, Schroeder predicts the immediate focus will be on "what the numbers will look like", as well as challenges posed by communication and business steering.
He explains WTW will focus on automation, analytics and validation as it looks to further develop its solution.
"Improving analytics and validation and the time it takes to understand and check the numbers is still something on our plate, which we want to make easier for our clients."