"Regulatory and other reporting requirements are driving the pace of change — in particular, IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda," said Andy Teale, global IFRS 17 P&C technology leader, Willis Towers Watson.
"Despite the deferral of the standard and calls for further delays, many insurers are still behind on implementation. Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life with rapid implementation and early sight of the numbers, giving (re)insurers time to digest the impact of the standard on wider business decisions," said Teale.
ResQ Financial Reporter is a calculation and data management solution that uses the latest technology to provide a modern and easy-to-use interface to produce the IFRS 17 insurance contract liabilities estimates, including the contractual service margin management. Either the general measurement model or the premium allocation approach can be applied, all within a well-defined, robust and transparent environment that takes the complexity out of the process.
"ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner," said Tina Gwilliam, global product leader for ResQ, Willis Towers Watson. "The software essentially takes the complexity out of IFRS 17 so insurers can focus on the core activities that matter most to their business."
Key benefits of ResQ Financial Reporter include:
- Out-of-the-box functionality and rapid implementation
- Reduction of manual processes and more efficient reporting
- Flexible integration with current systems and data sources
- End-to-end reporting process and seamless roll-forward functionality
- Easy maintenance
- Comprehensive audit trails and well-governed, transparent processes
About Willis Towers Watson
Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.