Moody's Analytics - RiskIntegrity™ Suite
Type of System
- Capital modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Solvency II solution
- Stress testing
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- Solvency II internal model
- Solvency II standard formula
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 webinars, our IFRS 17 and LDTI subject matter experts break down some common implementation challenges, explore how insurers can fast-track implementation, and highlight best practices all insurers should adopt before the effective date. Click here to watch the IFRS 17 webinars and here to watch the LDTI webinars.
Please name companies that use the system/solution
Nagico, Crédito Agrícola Vida, Blue, Standard InsuranceKLP, Optimum Reassurance, iA Financial Group, Manulife, MUA, and Insular Life 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, moodysanalytics.com/ifrs17.
Most recent significant update:
RiskIntegrityTM for LDTI
Meets LDTI (amended ASC 944) financial disclosure requirements for all components across product types, by:
- Consolidating rollforward calculations across AXIS and other actuarial modelling systems
- Enriching calculations with supplementary analyses required for financial accounting and understanding and validating results
- Generating journal entries into an insurance subledger
- Producing intermediate financial statements sourced by both actuarial calculations and journal entries
Provides a fully featured LDTI subledger, including:
- Automated generation of transactional journal entries via comprehensive preconfigured posting rules
- Extension of the off-the-shelf standard logic with custom segmentation across calculations + the ability to extend the standard postings via dynamic posting logic
- A fully featured subledger level period closure process
- Automated controls & accounting reconciliations
- Subledger-level financial consolidation and both year-to-date and period-to-date interim reporting, including the ability to support multiple ledgers in parallel
Powerful reporting, BI and validation engine, including:
- Financial disclosures
- Additional BI analyses (“Business Insights”)
- Linkage with statutory accounting by allowing to post statutory reserves and the delta with GAAP reserves on an aggregation (LoB) level
RiskIntegrityTM for IFRS 17
Reinsurance Loss Recovery Component for GMM
The amendments to the IFRS 17 standard in June 2020 required a loss recovery component for reinsurance held contracts to be established and adjusted. In RiskIntegrity for IFRS 17 you can now calculate and roll forward a loss recovery component for your reinsurance held contracts where the valuation method is GMM and the underlying contract is under GMM or VFA. The application gives two methodologies to choose from for rolling forward the loss recovery component; using either cash flows from the reinsurance group or loss component movements on the direct side.
Flexible Run List
The calculations in RiskIntegrity for IFRS 17 are managed through calculation steps. We enhanced the flexibility of our run list by allowing the user to set the order of the calculation steps, within the boundaries of the standard. For example, you can account for changes in estimates relating to future service before changes in estimates linked to financial risk or the other way round. The user can add multiples of a calculation step for certain steps and together with the addition of new calculation steps, this allows for a greater granularity of inputs and outputs.
RiskIntegrity for IFRS 17 was enhanced to enable users to set up multiple ledgers and their corresponding projects, distinguished by unique set of parameters such as solo or consolidation reporting; internal or external reporting; the reporting method (e.g. year to date, period to date) and also the frequency of reporting. This will allow users to hold the results on multiple bases, for various purposes.
Planned future enhancements:
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 modeling 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 comply with 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, modeling, risk management solutions, and regulatory expertise have been recognized year after year by various award programs.
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 modeling, 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 and RiskIntegrityTM for LDTI) 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 recognized as one of the contributing success factors that enable projects to move forward and not lose momentum, even during the COVID-19 pandemic.
Modern, scalable solutions for #IFRS17 and #LDTI to streamline accounting and actuarial processes.