Willis Towers Watson - ResQ Financial Reporter
Type of System
- Data management
- IFRS 17 solution
- Internal/external reporting
- Reserving solution
- Stress testing
Type of platform
Other features - the offering facilitates:
What are the typical implementation costs?
This varies with the scope of the implementation and the complexity of the insurance operation. The out-of-the-box functionality and flexible modelling options limit the need for time-consuming development of bespoke components and dramatically reduce implementation times and costs.
How long does your software take to implement on site?
As for the implementation costs, this depends on the size and complexity of the insurance operation. We have run successful proofs of concepts from data specification, processing of inputs, model selection, calculation and production of accounting postings in a matter of weeks. Full implementation times, across the whole business with full systems integration, testing and controls is possible in 3 to 6 months.>
Please name companies that use the system/solution
ResQ Financial Reporter is part of our ResQ reserving suite that is used by over 400 companies worldwide.
Most recent significant update:
ResQ Financial Reporter is an out-of-the-box solution that addresses the significant challenges and complexities of the IFRS 17 standard, whilst ensuring that reserving and other key assumptions flow seamlessly into the appropriate measurement models and through to finance systems with proper governance and controls.
Since its first release in 2019, we have regularly provided general availability and beta releases of ResQ Financial Reporter to address the evolving standard and market interpretation. Our latest release was in Summer 2021 and includes:
Connecting IFRS 17 results with ledger systems
The integration of reporting and accounting mappings into ResQ Financial Reporter enables easier connection to customized ledger structures.
Enhanced reinsurance (and insurance) functionality
In ResQ Financial Reporter, the addition of flexible cashflows to facilitate the modelling of more complex reinsurance and other insurance contracts, allowance for the investment component and other refinements including reinsurance bad debt improvements.
Continuous improvement of integration with Unify
More pre-built Unify activities for licensees of Willis Towers Watson’s system integration, automation and governance platform accelerates the creation of bespoke workflows to automate IFRS 17 processes.
Additional smaller features for ResQ Financial Reporter licensees as well as other features available to licenses of ResQ for reserving
Planned future enhancements:
We continue to invest heavily to address the detailed requirements of the standard. One area of current focus is on expanding ResQ Financial Reporter’s reporting features allowing connections to accounting systems. Other features to be delivered in the near term include:
- Implementation of PAA disaggregation of insurance finance expenses
- Implementation of PAA LIC accident origin calculation basis
- Further support for multiple currencies
- Implementation of reinsurance loss recovery component
How does your solution integrate with third-party systems or in-house systems?
The ResQ COM interface and API provides significant opportunity for automation and integration with other systems. Complete end-to-end process orchestration is enabled by the addition of Willis Towers Watson’s governance, integration and automation platform, Unify. Working with ResQ Financial Reporter, Unify greatly enhances the management of complex processes, managing the transfer of data throughout the end-to-end reporting process and providing additional data validation, controls, workflow management and automation.
What is the key attribute of your product(s) that differentiates it from your competitors?
ResQ Financial Reporter is a robust, efficient and easy-to-use IFRS 17 reporting solution. Differentiators from others include:
- The ability to link your current best estimate reserve analysis into your IFRS 17 reporting
- Functionality to transform reserves from one basis to another and the ability to track changes over time
- Powerful automation and efficiency capabilities both within ResQ Financial Reporter, as well as with the addition of Unify
- Our tightly entwined technical and reserve consulting expertise means that we not only have the right technology, but we have the right people to partner with
- A proven track record. ResQ Financial Reporter is built on the ResQ suite framework which has been delivering value to clients for over two decades
What trends are you seeing in terms of customer demand?
Accounting and actuarial teams have needed to partner more closely to address IFRS 17 requirements. ResQ Financial Reporter takes our market-leading reserving solution and extends it to bring IFRS 17 functionality, meeting the needs of both accountants and actuaries.
Key advantages of our approach include:
- Out-of-the-box functionality and modelling options with no configuration of calculations required, limiting the need for time-consuming development of bespoke components, dramatically reducing implementation times
- Consistent framework with ResQ reserving solution
- Facilitates the generation of many inputs, parameters and assumptions from the core reserve analysis, including creation and management of cashflows from period to period
- Real time calculation of the Reconciliations and Financial Statements required under IFRS 17
- A roll forward feature to bring over carried forward assumptions and model selections from previous periods
- Detailed and flexible outputs allow integration with finance systems. Structured reporting with outputs for analytics and pre-defined accounting rules linking the outputs to journal postings against a WTW default IFRS 17 Chart of Accounts (CoA)
- Flexible accounting integration, without prescribing a sub-ledger
Use as an end-to-end IFRS 17 solution, actuarial early insight tool or parameterization tool to feed ledger-based systems
ResQ Financial Reporter takes the complexity out IFRS 17, so you can focus on the core activities that matter most to your business