InsuranceERM Annual Awards 2024 - UK & Europe

IFRS 17 mastery at your fingertips

Javier Alvarez, managing director for Emea at RNA Analytics, explains how its dedicated teams are supporting insurers on IFRS 17. He also explains how RNA Analytics will continue enhancing its actuarial modelling software this year

What makes RNA Analytics stand out as an IFRS 17 solutions provider?

Javier AlvarezRNA Analytics has distinguished itself based on expertise and capabilities in guiding insurance businesses through the complexities of IFRS 17 implementation. We are often noted for our comprehensive understanding of insurance actuarial standards and the ability to provide tailored solutions to address various challenges posed by IFRS 17.

A differentiating point to highlight with IFRS 17 is our unique capability to provide advanced actuarial capabilities and the ability to interpretate and report results from a business accounting perspective.

The addition of a new disclosures file in our IFRS 17 solution is amongst these improvements. The solution offers both web and Excel-based standardised reports that can be integrated with any third-party application. It helps users to understand the balance sheet movements and income statement, from a specifically actuarial focus on model outputs, and is now aimed at a far wider group of finance professionals, including, importantly, accounting professionals.

We have built a reputation for our depth of knowledge, thought leadership, and extensive experience in working with companies in the insurance sector. Additionally, we are able to offer integrated services that encompass actuarial, technology, and financial reporting aspects, which are crucial for successful IFRS 17 adoption.

Our dedicated teams have been at the forefront of IFRS 17 implementation throughout its introduction, leading digital transformation journeys with our clients to achieve both cost reductions and efficiency gains – and our commitment to clients does not stop there, as we continue to support them, and evolve to drive even further improvements.

What trends can insurers expect in the IFRS 17 space this year?

It's likely the trends related to IFRS standards this year will continue to focus on implementation and adaptation to the changing regulatory landscape. For example, as companies continue to adapt to new reporting standards, there may be an increased focus on meeting the disclosure requirements effectively and transparently.

With ongoing advancements in technology, there may be a greater emphasis on leveraging technological solutions with increasing demands on end-to-end governance and process workflow automation to meet data management, financial reporting and compliance with IFRS standards.

As with any accounting standards, there also may be further updates or refinements to the IFRS framework.

These are speculative trends, but they suggest areas where continued attention and development may occur. As the year progresses, specific industry developments and regulatory changes will likely further shape the trends related to IFRS standards.

What is RNA Analytics' business strategy for 2024?

For 2024, our plans reflect a forward-looking approach to meet the evolving needs of actuaries and insurance professionals, while also aligning with technological advancements and regulatory changes that are expected in the industry.

At the heart of our plans is to continue developing RNA's actuarial and risk management platform, which aims to maximise standardisation and support our robust software and technology capabilities, while minimising the level of customisation to meet any specific customer and market needs.

We will be continuously enhancing and refining our actuarial modelling software to address the evolving needs of actuaries, provide more sophisticated risk analytics and incorporate machine learning capabilities. We will ensure compliance with changing regulatory requirements and offer specialised consulting services.

RNA Analytics will also develop advanced collaboration features within our software to facilitate better teamwork and communication among actuarial teams working on complex models and projects.

Client training and support are cornerstones of RNA Analytics' services. We will continue to provide comprehensive training and support resources to clients, ensuring they are equipped to leverage the full potential of our R³S software suite, and stay updated on best practices in actuarial modelling.