Moody's Analytics - RiskIntegrity Suite
Type of System
- Capital modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Risk management
- Stress testing
- Data management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- IFRS 17
- IFRS 17
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Moody’s Analytics does not disclose pricing. The RiskIntegrity software is based on a subscription or license model. Price depends on the size of the client and the number of modules purchased. Our modularity and pricing allow the solution to meet the requirements of various firms, from large tier 1 insurance groups to smaller solo entities.
How long does your software take to implement on site?
Implementations are highly dependent on the client size and project scope. In our recent webinar series, our IFRS 17 subject matter experts and deployment partners break down some common implementation challenges, explore the associated risks of having one more year for implementation, explain how to sustain project momentum, and highlight best practices all insurers should adopt before the effective date. Click here to watch the series.
Please name companies that use the system/solution
KLP, Optimum Reassurance, iA Financial Group, Manulife, Insular Life, Singlife and Belfius are some of the insurers Moody’s Analytics is working with on their IFRS 17 journeys. To learn more about their implementation journeys, visit our website.
Most recent significant update:
- Out-of-the-box reports, chart of accounts, and posting logic and analytical capabilities that help clients address initial LDTI requirements and interpretations, as well as a commitment to address future updates from FASB through our RiskIntegrity™ for LDTI solution.
- Scalar approach to calculate the risk adjustment for the liability for incurred claims (LIC).
- Controls, reconciliation, and audit trail functionality enhancements.
- Disaggregation of insurance finance income and expense for the LIC.
- Risk mitigation with derivatives: the ability to exclude the changes in the effect of financial risk on the entity’s share of underlying items or fulfilment cash flows.
- Enhanced project export and import using cloud functionality
- Further developments to LIC—the risk adjustment for LIC can now be calculated using a simple scalar approach.
- Advanced reporting module enhancement that entails new templates as a new feature, enabling customized reports, metrics, and tables to be created.
- Currency conversion and capability to handle multiple currencies; we have added the ability to translate the transaction currency of the fulfilment cash flows within a group of insurance contracts to the functional currency of the group.
- Model aggregation that lets clients combine their model data from different models, data sets, and systems within the application.
- Accounting module enhancements—the standard transaction scope of the solution has been extended to include variable fee approach (VFA) direct business, the total cash flow approach, and general measurement model (GMM) reinsurance expected new cessions.
- Disaggregation of inputs enhancement now allows clients to import variable data at a higher level than the IFRS 17 groups.
How does your solution integrate with third-party systems or in-house systems?
The solution is based on open technology and can integrate with third-party systems.
What is the key attribute of your product(s) that differentiates it from your competitors?
We bring a history of delivering high-performance, cloud-based, and award-winning technology projects to the insurance industry, including our AXIS™ actuarial modelling system, RiskIntegrity™ Suite for Solvency II compliance, and Credit Loss and Impairment Analysis Suite. All of these products help financial institutions comply with CECL and IFRS 9 requirements. In short, here are the differentiators of our IFRS 17 solutions:
- Out-of-the-box calculations, chart of accounts, and posting logic and analytical capabilities that help clients address initial IFRS 17 requirements and interpretations, and a commitment to address future updates from the board.
- Future-proof technology that is cloud-enabled, highly scalable, modular, and designed to address the demanding data volume and performance requirements of IFRS 17.
- Integrations that maximize return on clients’ investments in existing actuarial models, accounting systems, and processes that are unified by a robust data dictionary.
- Our award-winning insurance, modelling, risk management solutions, and regulatory expertise have been recognized year after year by various award programmes.
What trends are you seeing in terms of customer demand?
Attention on IFRS 17 has been significant since the publication of the final standard, with a focus on the accounting, actuarial modelling, data granularity, technology, and processes required to support the new standard. The increased focus from FASB on LDTI has also seen us expand on our RiskIntegrity platform offering.
Our SaaS solution offerings (for example, RiskIntegrity™ for IFRS 17) not only have the highest security standards; they allow Moody’s Analytics to deliver continuous regulatory updates, quick deployment, and support. They have also been recognised as one of the contributing success factors that enable projects to move forward and not lose momentum, even during the Covid-19 pandemic.
RiskIntegrity™ Suite for Insurers: Modern, scalable solutions for #IFRS17 and #LDTI to streamline accounting and actuarial processes