Milliman - Milliman Mind–IFRS 17
Type of platform
Other features - does your offering facilitateIFRS 17
What are the typical implementation costs?
Pricing on request
How long does your software take to implement on site?
IFRS 17 solution is complete and available one business day after getting the Mind+ license. Implementation is typically done by a joint project between client and the local Milliman office. For a standard implementation project it takes about 12 months for a multi-line insurer, with a mix of GMM/VFA/PAA approaches. One client started in February and had its first P&C dry-runs in June.
Please name companies that use the system/solution
P&V Group, Rue Royale 151 - 1210 Bruxelles
Most recent significant update:
This solution is Milliman’s second globally available IFRS 17 solution (after Milliman Integrate). Development only started in 2019 in order to capture all lessons learned from previous models, and to come up with a transparent down to earth solution that aims to include all features of IFRS 17. The latest bi-monthly update involves the accounting for ceded reinsurance contracts, with consideration of the latest amendments as published in June 2020.
Planned future enhancements:
Our roadmap currently considers the priorities of our existing customers to further tailor the tool to their preferences, with all FX related aspects being the most significant upcoming enhancement.
How does your solution integrate with third-party systems or in-house systems?
Interface through API (csv format).
The tool requires expected future cash flows and all related actual cash flows for the reporting period, as well as historical discount rates and specific parameter settings for each group of contracts..
The postings file can be tailored to fit the in-house structure of the chart of accounts and its layout can be fitted to the requirements of any third-party accounting tool. Disclosure tables are available in csv format for further internal use.
What is the key attribute of your product(s) that differentiates it from your competitors?
We have combined Milliman’s actuarial expertise on IFRS17 with the power of the award-winning Milliman Mind platform to come up with a comprehensive and cost effective open source solution that fits perfectly with insurance companies that have waited until now to start with the actual implementation.
What trends are you seeing in terms of customer demand?
Our solution gets a lot of attention from certain markets and insurance companies that are currently looking for an IFRS17 module.
Unlike first adopters in 2017, companies currently demand a solution that is complete, includes improvements from lessons learned in the first wave of implementations and is available at a fair price. Our Mind model is all that and comes with the hands-on actuarial modeling experience of the local Milliman office, which appears to be more key than accounting skills when it comes to actually creating an E2E process.
Milliman Mind–IFRS 17 is a complete IFRS 17 solution. It takes in best estimate projections of your insurance contracts and does all the required discounting and analysis of change to deliver a full postings file and all related disclosure tables.