IFRS 17 Solution of the year, Moody's Analytics RiskIntegrity for IFRS 17
RiskIntegrity for IFRS 17 is a cloud-based tool launched in April 2018 that addresses key requirements such as contractual service margin (CSM) calculations and associated calculations to bridge the gap between actuarial modelling systems and accounting general ledgers.
Soon after its launch, it proved to be popular amongst a number insurers on both sides of the Atlantic.
In Canada, Manulife, iA Financial Group and ivari are using RiskIntegrity for IFRS 17. In Europe, Moody's Analytics has won mandates from Belgium's Belfius and France's BNP Paribas Cardif.
Moody's Analytics says the tool has 320 users around the world currently and it is now targeting growth in Asia Pacific, where a number of firms are using the RiskIntegrity for IFRS 17 solution to prepare to meet the new standard.
Overall, judges were impressed with the client coverage of Moody's Analytics.
"Implementing IFRS 17 is a complex, data-intensive process requiring the convergence of actuarial and accounting systems," says the firm.
"This creates significant operational challenges related to data, modelling, governance, and auditability. For example, insurers now need to aggregate data and results across their organisations, often operating across multiple locations."
In June, Moody's Analytics added new accounting and reinsurance capabilities to its offering, but work does not stop here. The vendor says it is committed to evolving its technology to answer market needs.
"We will continue to closely assess those changing needs and will be well prepared to update our solution appropriately."