Systemorph, one of the leaders in solutions revolutionizing data management for insurance companies and banks, today announced its IFRS 17 Reporting Solution was selected by Zurich Insurance Company Ltd. (Zurich) for achieving compliance with the new international reporting standard in a number of its local Life businesses.
IFRS 17 is the global standard for insurance financial reporting to be introduced in 2022. Systemorph’s data management product automates and simplifies the end-to-end gathering, calculation, analysis and reporting of data for IFRS 17 compliance.
“Since we serve customers in many markets, we needed a data management solution that would streamline the collection, validation, calculation and analysis of data across a wide range of sources and teams,” said Brian Bissett, Chief Group Actuary, at Zurich. “We chose the Systemorph solution because it offers advanced automation, intuitive operation, and flexible reporting that can be deployed quickly across our business units.”
The IFRS 17 Reporting Solution is powered by Systemorph’s Vertex platform, which delivers a range of features and benefits for capturing, communicating and controlling data for reporting and better decision-making:
• Comprehensive solution – combines data-gathering workflows, a master data hub, a calculation engine, and analytics, reporting and visualization tools into a single platform.
• Agile collaboration – executes multiple concurrent data management workflows across hierarchical teams, with comprehensive change documentation and controlled reporting, editing, analysis and sign-off tasks based on user roles.
• High data quality – provides real-time data validation at all reporting and analysis levels, with formula drill-down to original inputs.
• Automation – enhances user productivity via continuous, automated processes providing consistent task repeatability, delegated data management, and centralized aggregation for business process reporting.
• IFRS 17 functionality enabling quick definition and implementation of all applicable IFRS-17 methodologies, including General Measurement Model, Building Block Approach, Premium Allocation Approach and others.
• Comprehensive SaaS-Plus Product – delivers all needed functionality out of the box but with easy customization thanks to cloud-powered Software-as-a-Service (SaaS) technology. Unlike high-cost customization of traditional data management products, the Systemorph solution is simple to tailor to a company’s unique reporting needs, all at fixed annual price. “SaaS-Plus” means customers operate their solution securely in the cloud and receive enhancements automatically, producing high transparency and predictability of solution maintenance and enhancement costs.
“The Systemorph IFRS 17 solution should enable us to do rapid prototyping and permit us to explore methodologies and to analyze our portfolios in depth,” said Alexander Ofutin, IFRS 17 Product Owner at Zurich. “We will be able to use the Systemorph solution to quickly and easily create data variants for stress testing, sensitivity analysis, and projection exploration.”
“We built the Vertex platform to enable insurers to centralize data control in their organizations while maintaining flexibility for distributed data management and local customization,” said Dr. Roland Bürgi, founder and CEO of Systemorph. “Now insurers can focus on business content, not spending cycles dealing with the underlying technologies.”
The new IFRS compliance project follows a successful actuarial reporting project for Zurich in which Systemorph deployed a new reporting platform in less than nine months, reducing operating costs by more than 50 percent and increasing user satisfaction and productivity.